Combined professional indemnity and products liability insurance
The major advantage of a combined policy covering Professional Indemnity and Products Liability under a single policy is the significant premium saving compared to two separate policies. Another advantage is that when both covers are combined under a single policy, it is easier to administer your insurance portfolio: There is a single premium and a single period of insurance making renewal and overall control easier.
A combined policy comes with a specific disadvantage that needs to be considered - there is a single aggregate limit of liability for both covers, however when taking a broader look at things there is some benefit: This is an attractive and value for money policy. This is one of the unique advantages we offer our clients when arranging a Contractors All Risks policy.
Individually tailored policy – As is the case with Contractors All Risks insurance, no two projects are identical and hence insurance policies can greatly differ. Arranging a combined Professional Indemnity and Products Liability policy still enables us to tailor the cover to the unique needs of the developer or contractor and the type of project involved to obtain the widest possible insurance cover at the lowest possible price.
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✔ Individually tailored policy – As is the case with Contractors All Risks insurance, no two projects are identical and hence insurance policies can greatly differ. Arranging a combined Professional Indemnity and Products Liability policy still enables us to tailor the cover to the unique needs of the developer or contractor and the type of project involved to obtain the widest possible insurance cover at the lowest possible price.
✔ Broad insurance cover – 25 years’ experience has shown us how to conduct comprehensive groundwork to obtain an in-depth understand of the construction site, work processes, possible risks, protection measures and various other matters that need to be considered. This range of preliminary stages enables us to formulate the widest insurance cover depending on your requirements as well as creative and sensible solutions that satisfy the insurance companies, all with the aim of providing you with a professionally design insurance policy that is adapted to your individual needs.
✔ Support network – In the event of a claim under the policy we work together with a team of experts including specialist loss assessors, surveyors and engineers and, where necessary, specialist accident investigators who can assist in dealing with serious events in the optimal manner in order to ensure you exercise your rights fully under the insurance policy.
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Combined professional indemnity and products liability policy for property developers
In addition to the significantly reduced insurance premiums, this policy provides the perfect solution to property developers and contractors alike as part of the insurance portfolio for investment property and various projects such as National Outline Plan 38 projects. Contrary to popular belief amongst many property developers who assume that the contractor is fully liable for losses – the developer is at the forefront of the legal chain of responsibility and is the first point of call in the event of a claim by purchasers or tenants. In any such event, a combined policy provides cover for financial losses under the Professional Indemnity policy as well as cover for physical damages resulting from a defective product (building) under the Products Liability policy.
Combined professional indemnity and products liability insurance for turnkey contractors
Supply a certificate of insurance is a precondition to signing a tender and receiving a commencement of work order after winning a public tender. The problem is that the process of reviewing insurance and indemnity requirements in the tender and the process of arranging insurance usually takes place after winning the tender. At this stage the process of adapting the insurance policy to the demands of the tender, which has already been signed, can create difficulties in a case when the insurance company might refuse to confirm the conditions of the tender or in extreme cases of high risk works it might be nearly impossible to arrange insurance with any company, or the contractor might be faced with onerous premiums that were not taken into consideration when pricing the tender.
Arranging a combined Professional Indemnity and Products Liability policy is quite often one of the policies that needs to be arranged before signing the tender and we can assist you by making the process easier and less costly.
Combined professional indemnity and products liability togather with a contractors all risks policy
The Contractors All Risks policy is the basic and primary policy required for any type of contract works. Despite the fact that the policy is called “all risks”, it is subject to numerous terms and conditions, definitions relating to the nature of the insurance cover and various exclusions to the insurance cover which need to be carefully reviewed.
The definition of an insured event under a Contractors All Risks policy does not include cover for certain events and risks you might face which can quite often be covered under a combined Professional Indemnity and Products Liability policy where appropriate.
This is where arranging a combined Professional Indemnity and Products Liability policy together with a Contractors All Risks policy can provide you with the optimal level of protection against the unexpected and can save you considerable amounts of money.