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Institution Forums > General > PI Insurance for non-chartered engineer View modes: 
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Technician Member (TIStructE)
Technician Member (TIStructE)
Simon Cadagan - 11/02/2012 11:55:39
   
RE: PI Insurance for non-chartered engineer
Ah, its that "PI" time of year again. It would appear that even fewer providers are prepared to insure structural engineers and the majority will not provide online quotes.

i have just tried Hiscox which was a surprisingly painless website experience. does anyone have any experience with them? the actual details of what is and isnt covered are very sketchy so i am intending to ring them direct. 

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Graduate
Graduate
amw - 27/02/2012 16:31:49
   
RE: PI Insurance for non-chartered engineer
Hi Just wondering what the deal with PI insurance is?
I've heard people saying that you have to keep it going for X amount of years after the job has finished.
Does this mean you bound to the same insurer for those years?
Can you shop around every year and is the project still insured even if you move?
And do you have to notify the insurer of the projects that you are undertaking, how do they keep a track of these?

Thanks

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Technician Member (TIStructE)
Technician Member (TIStructE)
Simon Cadagan - 28/02/2012 10:38:16
   
RE: PI Insurance for non-chartered engineer
my understanding is (and i may be wrong) as long as you've had continuous cover you can switch insurers each year but you have to be 100% sure your new insurer gives retrospective cover. from my uni days i remember 5 years being a realistic date to backdate stuff. unlike car insurance claims are normally made moths if not years after the event and its the insurer your with at the date of the claim that pays up. this has been a particular problem for me as i once had £1m cover only because it was cheep and sounded good. ever since then i have to maintain this riduculous level of cover for effectively house extension jobs. 

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Graduate
Graduate
amw - 28/02/2012 16:43:07
   
RE: PI Insurance for non-chartered engineer
Cheers Simon,

That may explain why my premiums have doubled this year.
So if I decided never to design anything ever again I would still need to keep insurance for 5  years?
Do you know if there is any printable info on this subject?

Cheers

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Graduate
Graduate
Syed Shah - 24/02/2014 11:42:11
   
RE: PI Insurance for non-chartered engineer
I was trying Hiscox website to get a quote for PI, just want to clarify where it ask about “which professional body you belongs to” can I select IStructE if I am not chartered?

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Site User
Site User
Timothy Burt - 22/01/2013 14:29:46
   
RE:PI Insurance for non-chartered engineer
The first year I went solo I found the PI cover very reasonable - c£250 for £250k.  The only condition was all design had to be checked - this was an issue as I was Solo - so the likelihood of them paying out would have been questionable!

www.idh-design.co.uk

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Member (MIStructE)
Member (MIStructE)
Mike B - 24/02/2013 20:33:35
   
RE:PI Insurance for non-chartered engineer
Does anyone know if it is possible to get PI cover that does not require calcs to be independently checked? I'm planning to go solo but am worried about this problem? I'm MIStructE if that makes any difference...
Best wishes
Mike

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Member (MIStructE)
Member (MIStructE)
Alan Robinson - 24/02/2013 22:47:21
   
RE:PI Insurance for non-chartered engineer
Hi Mike.

I am insured with Griffiths and Armour and I am pretty sure they don't insist on this sort of exclusion. If your sure that an insurance company has this exclusion in their policy, I would tend to think they don't really want the business from 'one man' bands. How on earth can a 'one man' band get calcs and drawings independently checked if they don't employ anyone?

That said, I'll check your calcs and drawings for you.........

Alan

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Member (MIStructE)
Member (MIStructE)
Mike B - 25/02/2013 21:43:30
   
RE:PI Insurance for non-chartered engineer
Thanks for that Alan.

Best regards

Mike

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Member (MIStructE)
Member (MIStructE)
Elliza - 17/03/2013 21:43:13
   
RE:PI Insurance for non-chartered engineer
Hi
I am thinking of doing some extra work (smaller domestic scale projects) still being fully employed. I am thinking of registering as sole trader and getting PII but don't fully understand and appreciate what are the risks in sole trading. Is the limited company better solution? I know that as a sole trader I would be responsible personally for the business, however is the PII going to take away the risks of losing my personal assets in case a claim? sorry if this sounds confusing but I am just starting to know about these things. Many thanks

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