phone

Professional Indemnity insurance is intended to protect a professional if sued for a financial loss resulting from their advice and/or professional services.  Anyone who can give another person advice and/or services of a skilful nature in accordance with an established discipline might be regarded as a professional.

Decades of specialising in Professional Indemnity (PI) insurance, and working closely with a variety of construction & design professionals has placed Planned Cover in a unique position in the market that other brokers cannot readily match. Not only will Planned Cover work with you to help secure the best PI coverage available, Planned Cover also has a wealth of information and advice to draw upon designed to help professionals establish a suitable risk management strategy for their business.

The following professionals and associated disciplines are examples of the types of professions that Planned Cover regularly provide insurance assistance to:

  • Architects
  • Building Surveyors/Private Certifiers
  • Designers
  • Draftspeople
  • Engineers
  • Landscape Architects/Designers
  • Planners
  • Surveyors

Do I need PI insurance?

PI insurance is compulsory for some professionals and elective for others.  Either way we highly recommend qualified professionals consider this insurance for their business.  You may also find that it is a requirement of most of your clients that you hold PI insurance.

What types of claims commonly arise?

This will vary from one profession to the next however all professionals are expected to possess a standard of expertise.  If you fail to exercise or achieve that level of expertise in the performance of your role, and as a result, loss or damage is sustained to other parties, there is every prospect that legal action will be brought against you seeking financial compensation by way of damages for any loss which results from your breach of professional duty.

What is the ‘limit of indemnity?’

PI policies stipulate a ‘limit of indemnity’ which is the maximum amount the Insurer will pay on the Insured’s behalf for any one claim.  For an extremely large claim, the amount exceeding the limit of indemnity would be uninsured.  It is vital for a practice to consider their risk exposure and purchase what is believed to be an appropriate limit of indemnity.

What is the ‘cost’ of a Professional Indemnity insurance claim against my practice?

Even with the best negotiated claims settlement, your practice will still need to contribute their PI insurance policy excess to any settlement or judgement sum.  For either an individual or practice there is also the stress, damage to reputation, and sheer volume of time wasted in defending a long-running claim.

Case Study

Architect engaged to provide full services.  Dwelling on block sloped downhill from street front.  Lower ground floor to be cut into hillside.  During building permit process, Council instructed Architect to move building location 1500mm down the block.  Architect noticed lower ground floor walls appeared to be higher than should be.  Error made in calculating revised set out of building.  Discrepancy of 1400mm.  Contractor stopped work.  Architect sought amended permit from Council either allowing structure as built or with modified lower height ground wall design.

Council refused amendment.  Part of the building had to be demolished and rebuilt.  Matter settled by the PI insurer for $125,000.  PI insurer obtained contribution of $20,000 from the building surveyor.

Staff Profile

Carina Bogaard 

Account Manager NSW/ACT 

Cos_Cirocco

Cos Cirocco

National Business Manager - State Manager SA

Kylie McGrath

State Manager
WA Branch

Laurence_Gottlieb

Laurence Gottlieb

State Manager - VIC

Marie Bailey

Account Manager QLD/NT