This insurance protects professionals from claims arising from neglect, error or omission in carrying out their professional duties.
In recent years there has been an increasing willingness on the part of those who perceive they have suffered from professional negligence to seek recourse via litigation. Construction professionals are particularly exposed to the risk of claims.
It is now commonplace for both private and public sector employers to require consultants and contractors to maintain engagement. Project financiers and the beneficiaries of collateral warranties also invariably seek a long-term commitment on the maintenance of PI insurance.
The increasing use of joint venture structures and pressure on contractors to accept "fitness for purpose" or similar undertakings means that a flexible and wide ranging PI coverage is an essential component of every professional's insurance protection. The increasing trend towards "Design and Build" contracts further obviates the need for PI to be purchased by contractors active in that arena.
Annual or Single Project Cover
Cover can be provided on an annual basis in respect of all work undertaken or on a project basis for periods of up to twelve years combining, in a single package, indemnity to all professionals engaged on the project.
Placing, servicing and claims negotiation of this type of cover, which operates on a "claims made" basis, require particular skill and experience and access to specialist markets. Willis provides the necessary expertise.