PI Insurance

Reasons for Seeking PI Insurance for Architects and Engineers


PI insurance has given a way to professionals to practice freely and lessen down the fear of their third party liability in this cur-throat competitive world. Especially for Architects and Engineers, professional indemnity insurance has a specific role to play in protecting their rights and enabling them to perform better every time.

There are several reasons which may force professional architects and engineers to spend adequately on taking enough indemnity insurance. Here are some reasons, described in brief:

Practicing Beyond Scope of License
This is a common issue that architects and engineers usually face. Sometimes, it is found that an engineer draws an architectural design which is not included in his license. So, he needs another license. Thus, to protect such allegations, architects and engineers need professional indemnity.

Negligent Conduct of Site Surveys
Negligent conduct of site survey is another major issue while practicing as architects and engineers. Careless survey of buildings or site may further damage the planning and future course of action. So, to prevent such errors, insurance can be taken.

Errors and Omissions in the Preparation of Plans and Designs
Preparing plans and designs is an important thing. It needs proper attention and clear understanding to give you the bets service. So, professional indemnity insurance is required here.

Negligent Selection of Materials and Equipment
Selection of materials like cement, bricks and other important things essential for making a planning in real is a difficult task. Moreover, with proper selection of materials, appropriate equipments need to be selected too. Sometimes, there are chances that the proportion may not be effective enough and insurance needs to be taken to protect the rights.

Increased Construction Costs
Construction costs are generally fixed but some times the extent limit increases which may irritate or distaste the clients. So, insurance is required.


Negligent Supervision of Construction
Supervision of construction should be done with alertness, clear vision and good planning. But, sometimes any negligence may result into major problems. So, indemnity insurance can prevent any unforeseen circumstances.

Breach of Contract
Many a times, cases of breach of contracts are found, which may result into unpleasant services for customers. Thus, insurance can be taken to minimize the risk involved.

PI Insurance

Importance of Professional Indemnity Insurance for Physicians

Due to complexity of medication and the risk involved, physicians are at the high risk of liable to come across many undesirable conditions which may include heavy financial loss. So, physicians must have professional indemnity insurance to secure their unforeseen losses and errors. Indemnity insurance covers the policy holder from third party claims against physicians relating to their professional conduct. It will also help to legal fees associated to any such claim.
In some countries, taking professional indemnity insurance for physicians is a legal requirement. Moreover in Australia, it is illegal to practice without having proper indemnity insurance. For getting proper indemnity insurance, a physician must hold the necessary legally qualified medical degree. However, premiums for getting professional insurance for physicians are quite high.

Professional Indemnity Insurance

Professional Indemnity Insurance for Engineers, Architects and Interior Decorators


Professional indemnity insurance provides the excellence risk cover against third party claims. So, if you are involving in the business of service selling, you must consider professional indemnity to feel free and secured.
Due to major risk involved in the work, architects and engineers have a fear of professional liability claims from dissatisfied clients and third parties claims. These expert and skilled professionals frequently perform similar tasks, which include designing, drafting plans and constructing for a wide variety of structures.
These people are also liable for supervision of the actual construction, which is exposed to substantial liability, in the course of their work.
To minimize their risk liability, engineers, architects and interior decorators are required to stick to an appropriate care and behavior. Indemnity insurance provides a relief against liability based on contracts, the common law and the violation of applicable laws and statutes regulating construction and design.

Professional Indemnity

Professional Indemnity Insurance – An Overview

Literary, professional indemnity insurance is all about insurance associated with different occupation including lawyers, accountants, doctors, journalists etc. With the development of society, the traditional meaning of occupation has extended and become a more serious issue to handle.

Practically, professional liability is basically deals with any negligence during the course of service provided or failure of the professional services. However, the modern application of professional indemnity insurance has extended beyond this. In short, professional indemnity insurance is given to cover every professional liabilities occur during the course of services provided to others.

According to law, it is the duty of a practicing professional to give satisfactory services to others. Generally, a contract is drawn to describe the terms and conditions of the services and in case of the failure of the contract, the second party has the right to file a case, asking for compensation for the damages. Here comes the role of professional indemnity insurance.

Professional indemnity insurance differs from profession to profession according to the consequences of their professional acts. For different types of losses, different policies can be given for example, for a physician, negligence while treatment etc.