professional indemnity insurance engineers · 2019-08-07 · l industrial contracts ordinarily...

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Engineering covers a huge range of disciplines including definition, design and specification. We understand that exposures vary widely from project to project which is why our Professional Indemnity product is designed to cater to the Insured’s requirements. Our Risk Appetite Target l Relevant qualifications for in house professionals l Small to medium-sized practices l Building Services including heating and ventilation, electrical, mechanical, drafting and feasibility l Individual housing/extensions, retail and commercial, ecclesiastical, hotels, universities and schools l Well established firms with a solid record and good risk management procedures Considered l “Light” civil engineering including highways, utilities and lighting l Industrial contracts Ordinarily Declined l Large multi-purpose high-rise contracts l Structural engineering l Geotechnical, foundations and underpinning l Nuclear, Petrochemical, rail, mining, bridges, tunnels, harbours, dams, offshore work l Renewable Energy l Involvement in cladding Policy Summary This guide is designed to show what we feel are the saliant points but it does not contain the full terms, exclusions and conditions of the Policy, and does not form part of the insurance contract. Our insurance policy provides an indemnity for claims made against the Insured by third parties arising from financial loss suffered as a result of negligence in the conduct of the Insured’s professional services The policy operates on a “claims made” basis meaning we will cover only claims that are made against the Insured and notified to us during the policy period. So it is not necessarily when the error is made that is it important, as the claim may arise from professional services performed at any time in the past. There are no restrictions on the number of claims the Insured may notify to us during the policy period, but for any one claim we will pay no more than the indemnity limit selected. Extensions within the policy may have different indemnity limits and cover restrictions. Costs of defending claims, with our consent, are also covered. Cover available under the policy l Full Civil Liabilities including claims from dishonesty of employees l Costs of defending proceedings under Health and Safety legislation l Costs of mitigating a potential claim l Pollution claims l Claims against the Insured arising from services performed on their behalf by consultants l Loss of or damage to documents l Costs in connection with court attendance in defence of a claim l Liabilities under Collateral Warranties l The Insured’s liability within a joint venture Exclusions and Limitations l Claims arising from products supplied l Bodily injury arising from the presence or release of asbestos l Services performed prior to the retroactive date if applicable l Claims, or circumstances which might turn out to be claims, of which the Insured are aware at inception of cover l Contractual Liability assumed more onerous than any implied duty Applicable Law The laws of England and Wales will apply to this policy. The Insurer The policy is underwritten by One Commercial Specialty for and on behalf of Axis Specialty Europe SE. The importance of PI insurance Below are examples of engineer claims which show the importance of Professional Indemnity insurance. Structural Engineering Design defects led to cracking in the roof of one of a number of car showrooms (c.£10,000,000) Civil Engineering Embankment collapsed as a result of the subsurface conditions not being correctly assessed by the geotechical engineer (c. £750,000) Electrical Engineering The Insured designed electrical services for a warehouse. Complaints about the lighting led to the discovery that the lighting did not comply with regulations (c. £150,000) HVAC Inadequate refurbishment to a factory heating system led to loss (c.£125,000) One Commerial Specialty is an established Managing Agent and Lloyd’s Coverholder offering expert insurance solutions for professionals. We have simplified the specialist insurance space and offer our brokers: Phily Atkins 01423 876030 [email protected] Dan Mitchell 020 3968 5646 [email protected] James Russell 020 3968 5647 [email protected] l A rapid response l No fuss, flexible underwriting l Experts in our field l User-friendly products l Comprehensive cover & competitive terms l Quick and efficient processing and production Why choose One Commercial Specialty? Contact us today to get a quote! W: onecommercial.co.uk/specialty E: [email protected] One Commercial Specialty is registered in England and Wales under company number 07889205. The registered office is Epsilon House, West Road, Ipswich, IP3 9FJ. One Commercial Specialty is an Appointed Representative of One Commercial Limited, who is authorised and regulated by the Financial Conduct Authority under FRN no. 709456. Professional Indemnity insurance Engineers

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Page 1: Professional Indemnity insurance Engineers · 2019-08-07 · l Industrial contracts Ordinarily Declined l Large multi-purpose high-rise contracts l Structural engineering l Geotechnical,

Engineering covers a huge range of disciplinesincluding definition, design and specification.We understand that exposures vary widelyfrom project to project which is why ourProfessional Indemnity product is designed tocater to the Insured’s requirements.

Our Risk Appetite

Targetl Relevant qualifications for in house

professionals

l Small to medium-sized practices

l Building Services including heating andventilation, electrical, mechanical,drafting and feasibility

l Individual housing/extensions, retail andcommercial, ecclesiastical, hotels,universities and schools

l Well established firms with a solid record and good risk management procedures

Consideredl “Light” civil engineering including highways,

utilities and lighting

l Industrial contracts

Ordinarily Declined

l Large multi-purpose high-rise contracts

l Structural engineering

l Geotechnical, foundations and underpinning

l Nuclear, Petrochemical, rail, mining, bridges, tunnels, harbours, dams, offshore work

l Renewable Energy

l Involvement in cladding

Policy Summary This guide is designed to show what we feelare the saliant points but it does not containthe full terms, exclusions and conditions ofthe Policy, and does not form part of theinsurance contract.

Our insurance policy provides an indemnity forclaims made against the Insured by thirdparties arising from financial loss suffered as aresult of negligence in the conduct of theInsured’s professional services

The policy operates on a “claims made” basismeaning we will cover only claims that aremade against the Insured and notified to usduring the policy period. So it is notnecessarily when the error is made that is itimportant, as the claim may arise fromprofessional services performed at any time inthe past.

There are no restrictions on the number ofclaims the Insured may notify to us during thepolicy period, but for any one claim we willpay no more than the indemnity limitselected. Extensions within the policy mayhave different indemnity limits and coverrestrictions. Costs of defending claims, withour consent, are also covered.

Cover available under the policyl Full Civil Liabilities including claims from

dishonesty of employees

l Costs of defending proceedings underHealth and Safety legislation

l Costs of mitigating a potential claim

l Pollution claims

l Claims against the Insured arising fromservices performed on their behalf byconsultants

l Loss of or damage to documents

l Costs in connection with court attendance in defence of a claim

l Liabilities under Collateral Warranties

l The Insured’s liability within a joint venture

Exclusions and Limitations

l Claims arising from products supplied

l Bodily injury arising from the presence orrelease of asbestos

l Services performed prior to the retroactive date if applicable

l Claims, or circumstances which might turn out to be claims, of which the Insured areaware at inception of cover

l Contractual Liability assumed more onerous than any implied duty

Applicable LawThe laws of England and Wales will apply tothis policy.

The InsurerThe policy is underwritten by One CommercialSpecialty for and on behalf of Axis SpecialtyEurope SE.

The importance of PI insuranceBelow are examples of engineer claims whichshow the importance of ProfessionalIndemnity insurance. Structural EngineeringDesign defects led to cracking in the roof ofone of a number of car showrooms(c.£10,000,000)

Civil EngineeringEmbankment collapsed as a result of thesubsurface conditions not being correctlyassessed by the geotechical engineer (c. £750,000)

Electrical EngineeringThe Insured designed electrical services for awarehouse. Complaints about the lighting ledto the discovery that the lighting did notcomply with regulations (c. £150,000)

HVACInadequate refurbishment to a factoryheating system led to loss (c.£125,000)

One Commerial Specialty is an established Managing Agent and Lloyd’s Coverholder offering expert insurance solutions for professionals. We havesimplified the specialist insurance space and offer our brokers:

Phily Atkins01423 [email protected]

Dan Mitchell020 3968 [email protected]

James Russell020 3968 [email protected]

l A rapid responsel No fuss, flexible underwriting

l Experts in our fieldl User-friendly products

l Comprehensive cover & competitive termsl Quick and efficient processing and production

Why choose One Commercial Specialty?

Contact us today to get a quote!

W: onecommercial.co.uk/specialty E: [email protected]

One Commercial Specialty is registered in England and Wales under company number 07889205. The registered office is Epsilon House, West Road, Ipswich, IP3 9FJ. One Commercial Specialty is anAppointed Representative of One Commercial Limited, who is authorised and regulated by the Financial Conduct Authority under FRN no. 709456.

Professional Indemnity insurance

Engineers