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Institution Forums > General > PI Insurance for non-chartered engineer View modes: 
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Member (MIStructE)
Member (MIStructE)
TTT - 15/01/2010 00:00:00
   
RE: PI Insurance for non-chartered engineer
so tempted to give it a try...

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Mr Daniel Brown - 15/01/2010 00:00:00
   
RE: PI Insurance for non-chartered engineer
Do not give up your job. Find a paper that is free or every body reads (Surrey Comet). If there are other people offering the services: Building Plans and Calculations, then that is a good sign - there's work. Put in the ad and wait for the phone call. If you know your stuff and can communicate it back to the clients (that can be very hard) you are on your way. Eventually, you will be snowed under. Learn to say no and look out for the psychic leeches. They keep you on the phone all day and pay you nothing. You will probably have to do everything - drawing, building reg's, supervising the builder (not advised - do a good drawing and let them get on with it) even Planning Applications. You will never be bored. Then give up your job. Oh! and keep the wife; better than an answer-phone.

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Member (MIStructE)
Member (MIStructE)
Mr John Irwin - 27/01/2010 00:00:00
   
RE: PI Insurance for non-chartered engineer
To those of who are chartered, it is surprising (and a little annoying) how easy it is to get PII. I know some architectural technicians who have very few qualifications who get PII. Remember that when you take out PII, you will have to keep it going for at least 10 years after you close the business. So if you only remain going for a few years or have nobody to pass your firm on to, this could be very very expensive. John Irwin

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Mr Timothy Hetherington - 29/01/2010 00:00:00
   
RE: PI Insurance for non-chartered engineer
I confess to being surprised when I first applied for PI in 2004 and got (good) quotes, being unchartered. It did bring a wry smile to my lips I must admit. Them's the breaks. I can't sign SER Certificates, and that annoys me. Insurance companies are commericial enterprises selling a product on an evaluated risk basis. Let them get on with it. Personally I think insurance companies have got it about right. While highly laudable and a great achievement, passing the IStructE exam is not proof of suitability to hold PI insurance. Exams can be trained for, as this particular one is, routinely. There is no substitute for experience. I wonder if fewer people would sit for IStructE if they new they could get PI without it? As for setting up your own practice - be prepared for 65 hour weeks for a few years if you want to get anywhere! It's actually a lot of fun though.

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Technician Member (TIStructE)
Technician Member (TIStructE)
Simon - 15/02/2010 00:00:00
   
RE: PI Insurance for non-chartered engineer
perhaps its the recession or perhaps its being up in staffordshire which appears to be a graveyard for structures work but we're getting didly-squat round here. 6.5 hours of work a week would be nice at the moment !.

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Mr Artur J. - 06/03/2010 00:00:00
   
RE: PI Insurance for non-chartered engineer
Currently PII for non-chartered engineer can be bought for less than 250 for a year and provides cover of 50.000. It does not include, hovewer, public liability which can be added for additional small fee.

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Member (MIStructE)
Member (MIStructE)
Vin - 06/03/2010 00:00:00
   
RE: PI Insurance for non-chartered engineer
IF you take on a project to carry liability for 7 years (generally) you need to check the law. As this is the case if you only undertake 1-2 projects the associated insurance costs can be high. I believe you need to have PI when you undertake the work and it must also be in place at the time of any claim.

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Technician Member (TIStructE)
Technician Member (TIStructE)
Simon - 23/03/2010 00:00:00
   
RE: PI Insurance for non-chartered engineer
finally got PI sorted.Roughly £600 for £1m. Very little difference in price for £1m compared to lower levels of cover.For all self employed practitioners, I'm current reading up on limited company status. I remember reading somewhere that as a sole trader (the default position if your not limited) your personal liability includes your assets (i.e. your house).Unsure if PI offers protection of your assets if your not Ltd.

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Member (MIStructE)
Member (MIStructE)
Mr Alan Robinson - 23/03/2010 00:00:00
   
RE: PI Insurance for non-chartered engineer
Simon £600 premium for £1.0m insurance appears to be a good deal. Can I enquire what broker did you go through that gave this deal. regards Alan

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Member (MIStructE)
Member (MIStructE)
Vin - 24/03/2010 00:00:00
   
RE: PI Insurance for non-chartered engineer
Premium will also depend on the turnover you have stated.

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