Professional Indemnity Design & Construct Insurance
Introducing a new insurance option from Cabinet Makers Insurance Brokers
Professional Indemnity Design & Construct insurance is for businesses that provide design, drafting, specification or technical advice of a professional nature to their customers during the course of their construction activities.
Professional Indemnity Insurance can help protect businesses against claims of negligence or breach of duty arising from an act, error or omission in the delivery of your professional services.
Also known as PI D&C, these policies provide the appropriate coverage against claims for financial loss as well as injury or damage. Notably, Public & Products Liability policies which provide injury or damage cover typically exclude cover for any claims arising out of professional services for which a fee is charged.
A large proportion of construction contracts require contractors to take out and maintain their own PI Insurance policies while some State-based regulations require contractors to take out and maintain PI Insurance.
More importantly, customers are becoming increasingly aware of their rights to pursue construction entities where they believe those entities are responsible for a loss they have suffered in relation to poor or inadequate design.
Key Coverage components:
✔️Faulty designs, inaccurate specification or advice
✔️Breaches of consumer legislation
✔️Unintentional breaches of intellectual property rights
✔️Mitigation Costs
✔️Defence and Inquiry Costs
CMIB Facility Benefits:
✔️Competitive premiums
✔️Simplified industry specific proposal form
✔️Blanket Contractual Liability also available on request to satisfy Builder’s Contracts
✔️Extended Continuity coverage included making it easier to switch if you currently have coverage in place elsewhere
CMIB provides specific insurance products across Property & Consequential Loss (Industrial Special Risks), Public & Products Liability, Professional Indemnity, Management Liability, Contract Works and Equipment Breakdown.
