What is PI?
PI insurance essentially provides the named insured in the policy with indemnity in respect of legal liability arising out of the practice of the profession. This normally arises as the result of negligent acts, errors or omissions. Claims do arise in the course of rendering professional services and thought needs to be given to the risk exposure, risk management and risk transfer.
PI insurance has to do with understanding the risks inherent in working as a professional, and taking adequate steps to protect against the consequences of these risks. It is vital for the professional to understand the risks and to be proactive in protecting against any exposure, financial or otherwise.
The world in which professionals operate is one of ever increasing pressure, with demands for quick answers and cost effective solutions. This pressure can lead to errors and omissions by the professional which can and does give rise to claims. This factor together with the litigious nature of our society underscores the need for PI insurance, both for clients and professionals.
Circumstances which give rise to professional liability claims are seldom clear cut – they often give rise to disputes as to the nature and extent of the responsibility. In cases where the professional is blameless he or she may nevertheless be drawn into lengthy disputes which can be both financially and emotionally draining. PI insurance provides the professional and the client with peace of mind and financial protection.
Whether you are a long only Collective Investment Scheme or Hedge Fund specialising in market neutral arbitrage we are recognised industry specialist Risk Managers. With our access to Lloyds markets and bespoke wordings such as PEVC & IMI(Investment Management Insurance) from Global Insurers we ensure you are not just satisfying a regulatory requirement but identifying real risks to the survival of your business and structuring a program which sufficiently covers you from legal liability. Ultimately we provide you, your stakeholders, and most importantly, your clients with peace of mind.
As a management company you are entrusted by your clients with an onerous set of Fiduciary responsibilities. You need to ensure your risk is understood and sufficiently Mitigated, Managed and Migrated whilst complying with regulatory requirements. Management companies have idiosyncrasies that need special consideration which we factor into the combined risk management solution. We also have products tailored for a Management Companies clients which can generate additional revenues for the Man Co them self.
Providing Professional services to your clients always carries a degree of risk that you or your employees may make an error or omission. This negligence could result in legal liability and ultimately bring down the business through costly and time consuming legal defence costs and damages. From Architects to Zoologists we can provide a tailored solution for you which balances the probability, severity and cost of cover.