Many professions have Professional Indemnity (P.I.) Insurance in place to protect themselves in the event of (often expensive) litigation claims.
In some states it is mandatory for certain building professionals to carry P.I. cover and many other professions have voluntary or association based schemes.
Who should consider Professional Indemnity insurance:
- Building & Construction companies
- Building Designers
- Interior Designers
- Energy Raters, BASIX Assessors & Accredited Nathers Assessors
- Accredited Thermal Performance Assessors
- Bush Fire Assessors
- Project Managers
- Hydraulic Services Designer
With the continued growth of the Building Industry Solutions Building Designers and Draftspersons Scheme, a Public Liability Insurance Option is now available (in addition to the Professional Indemnity Cover) through B.I.S., also underwritten by CGU Insurance Ltd. (an IAG Company).
Public Liability provides cover for Third Party Injury or Property Damage that occurs both on your property or business premises in the course of your day to day activities, and also off site as a result of your actions or activities. Amounts of cover usually vary between $5,000,000 and $20,000,000.
While generally not compulsory, if you are undertaking projects for the government or one of the larger corporations, it may be a condition of your contract or tender.
This Public Liability insurance option is available to B.I.S. Scheme Members, and is extremely price competitive due to the low risk nature of the profession.
For forms and information.
- We are an authorised corporate agent for CGU Professional Risks Insurance (a division of CGU Insurance Ltd, an IAG Company) & QBE Insurance Ltd for Professional Indemnity Cover.
- We are the endorsed provider of Professional Indemnity Insurance for the Building Designers Association of NSW, under a specialist Scheme.
- We currently insure many registered Building Designers and Draftpersons in Victoria and in addition can provide cover for Engineers, Architects, Town Planners, Building Surveyors and Inspectors, Accredited Energy Raters, and Land Surveyors.
- The managing director of the company has over 27 years experience in the Building and Insurance industries, and is ‘hands on’ in the daily running of the business. We understand our client’s activities.
- When you ring B.I.S, you will get to talk to a real person – no answering machines or time-consuming phone queues.
- If you e-mail us we will reply promptly.
- Quotations are provided within 24 hours in most cases and 72 hours if a referral to the underwriter is required.
- We can provide Premium Funding options for policies over $700 in cost, to decrease the possible adverse impact on your cash flow.
- Our premiums are extremely competitive for most practitioners, and we don’t charge ‘Administration’ fees for practitioners with fee incomes over $30,000.
Building Industry Solutions Pty Ltd Authorised Representative Number 000273818 Authorised Representative of Commercial & General Insurance Brokers (Aust) Pty Ltd AFSL: 231183 ABN: 12087001045 Authorised Representative of QBE (Aust) Limited AFSL: 239545 ABN: 78 003 191 035 Corporate Agent of CGU Insurance Limited AFSL: 238291 ABN: 27 004 478 371