BENEFITS OF THE NEW SELECT PI INSURANCE SCHEME
● Access to a quick and easy-to-use online quotation facility ● PI insurance cover arranged with an ‘A’ rated insurer ● ‘Design and construct’ policy wording ● Policy limit of indemnity arranged on an ‘any one claim’ basis ● Defence costs being payable in addition to the limit of indemnity ● Competitive premiums available over a range of indemnity limits ● Interest-free instalment facility, enabling payment over 12 months
is now forming an integral part of many companies’ business insurance programmes.
What should I consider when arranging PI cover? The fi rst thing to take into account is an adequate limit of indemnity. PI insurance is sold in varying limits, so when deciding what limit is required, you should consider: ●The size of your business ●The size of the clients that you deal with ●How much it might cost to defend yourself in court ●If there are any industry regulated or contractual requirements.
The second thing to consider is the type of limit you require. Policies tend to have their limits of indemnity arranged on either an ‘any one claim’ or ‘aggregate’ basis of cover. The benefi t of an ‘any one claim’
policy is that it provides cover up to the full limit for each individual claim made in the period of insurance, whereas an ‘aggregate’ policy gives cover up to the full limit for all claims made in the period of insurance. Clearly, it’s preferable to have your insurance arranged on an ‘any one claim’ basis, with cover for defence costs being in addition to the limit of indemnity, rather than included within it.
How might a PI claim arise? To give an idea of how claims can arise, some real-life examples are shown below: ●CASE STUDY 1: A client alleged that the emergency lighting their electrical engineering contractors had installed was inadequate and did not comply with relevant regulations following installation at an industrial unit. A claim was submitted for £80,000.
●CASE STUDY 2: Heating and ventilation engineers designed and installed a heating system but following the work, their client alleged negligence in the design of the system. A claim was submitted for £380,000. ●CASE STUDY 3: Electrical contractors designed and supervised the installation of the mechanical and electrical services in a shopping centre. Operational diffi culties became apparent with the air-conditioning, allegedly due to a design fault. A claim was submitted for £850,000.
Where can I fi nd out more about PI insurance? Look no further than the SELECT website at
www.select.org.uk/ for-contractors – here you’ll fi nd full details of the new scheme. A new brochure is also now available from your Member rep and to download from the SELECT website.
i
For more details, email select@
brunelpi.co.uk visit select.hccint. com/Scheme/32379 or call 0117 325 2224 and ask for the
Brunel wholesale team. CABLEtalk OCTOBER/NOVEMBER 2020 21
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