# professional indemnity insurance



## serotoninsid (3 Jan 2007)

I am about to embark on a little enterprise which requires me to have Professional Indemnity Insurance. However, in '07 I very little work will be available to me - cutting a long story short, its being phased in and wont really be a full time number until 2008.

Q.1 - Is it possible that I can find an insurance company that will quote on this basis ie. based on the quantity of work taken on?

Q.2 - Is it possible to get insured directly through a UK based insurance company or is it only legal through an irish company/broker?


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## Kerak (3 Jan 2007)

I found Aon very helpful for PI insurance( 30% cheaper than a cavan based rival)


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## Lauren (3 Jan 2007)

Try Lynahm Insurance brokers in Wexford Street, Dublin. They managed to get me some good deals.


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## Rico (3 Jan 2007)

1. You have to buy an annual policy, unless you are involved in work with a high exposure, you should be looking at a reasonable minimum premium €750 to €1,000.

2. There is no advantage to dealing directly in the UK. Firstly the market at present  is at its lowest level of pricing in five years. Maybe not as low as general UK prices, UK underwriters charge rates for Insurance in Ireland based on the environment here ie claims experience mainly, they are not going to charge UK rates and pay out Irish level of claims. 

It is possible to get competitive arrangements from your local commercial broker in the present market. Hope this helps.


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## serotoninsid (4 Jan 2007)

Thanks for that guys. I hope your right about the likley premium Rico.  I am just awaiting confirmation of the amount I need to be indemnified for.  Thereafter, will be getting quotes.  Will come back and post the outcome.


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## SeanA (4 Jan 2007)

Try Atlantic Insurance, I got their details from another chat site and have recommended them here since. I personally found them to be quite good and helpful. I believe your premium should be rated on your turnover, but not sure about approaching UK Insurers directly, would be interested to hear how you get on with that.


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## Vanilla (4 Jan 2007)

Try:

1. Locktons International- 061- 312737, or John Moylan 01- 8585222 both of which offer Alexander Forbes.
2.Network Risk Health and Safety- 01- 2960163.
3. Richardsons - 01- 2834155.
4. Hooper Doolan- 051-860640.

No harm in getting a few different quotes.


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## john m (4 Jan 2007)

The cost depends on the type of work to be carried out, I am with AON and they charge just under €400 because I do non-manual work. I am an engineer and only supervise tradesmen so I dont do risky work and am not liable for high insurance. I know of electricians paying multiples of what I do but that is down to their job description. My advise is to very clearly define your position and consult with some company like AON who specialise in this type of insurance. I would be almost certain you will be buying a years cover and not by the job.


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## serotoninsid (6 Jan 2007)

Thanks people - will ring all the above once I get confirmation on the level of indemnity required. I hope what Rico has posted above is the way it works out ie. a sub €1000 premium - I will be happy enough if it works out that way.


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