Professional Indemnity insurance provides for legal defence costs and subsequent damages awarded when someone claims against your business for alleged negligence, error or omission, defamation (Libel & Slander) or other civil liability.
MAY BE SUPERFLUOUS (This essential protection to your business will also meet any compensation award in the event of an unsuccessful defence.)
Cover can also include compensation for employee dishonesty, loss of professional documents and Ombudsman referrals.
Many professional and trade associations require member firms to hold Professional Indemnity insurance and some will specify which insurers and what limits of indemnity and claim deductibles are acceptable.
Professional Indemnity insurance is a legal requirement for firms who are regulated by the FSA (Financial Services Authority) for their insurance services.
With effect from the 1st of March 2009 the FSA increased the minimum cover requirement to €1,120,200 for a single claimand €1,680,300 in aggregate, or if higher, 10% of turnover to a maximum of £30M. |
Residentsline welcomes enquiries from members of ARMA, ARLA, FPRA, RICS and other property related professional firms including energy assessors (EPC) and home inspectors (HIP).
Insurers require completion of a proposal for quotation purposes which we will forward, for completion. If you have completed a form already it will almost certainly be suitable for us to obtain an alternative quotation for you so please fax us a copy on 01902 710327 or email to us at info@residentsline.co.uk
For firms who already have Professional Indemnity insurance and require an alternative quotation from Residentsline, please send us a copy of your completed renewal form and your current schedule of insurance.
For more information ‘phone Residentsline 0800 281235 |
