Professional Indemnity

Professional indemnity insurance is designed to cover the cost of compensation for loss or damage resulting from negligent services or advice.

Unlike liability cover, Professional Indemnity is offered on a claims-made basis. This means that insurers will only provide cover for claims that are brought against you during the term of your policy. The policy will also contain a retroactive date showing the date from which you have held uninterrupted cover and incidents occurring prior to this date would be excluded. As a result, contracts with a Professional Indemnity insurance requirement will stipulate that the cover must remain in force for a number of years following completion.

With Professional Indemnity policies being written in this way, at each renewal insurers are taking on cover for all historic work within the retroactive period. Following major events including the Grenfell fire tragedy, insurers have reviewed their Professional Indemnity rates and policy wordings and as a result, costs have increased, more restrictions have been placed on policies including higher excesses and much more documentation can be required in order to obtain a quote.

As a result, it is more important than ever to work with a broker who understands how Professional Indemnity cover should be placed and has the market access to find the best solutions for their clients.

At BQI, we have an approachable, knowledgeable and experienced team who will guide you through the quotation process from the outset. We will work with you to arrange cover that suits your requirements, thereby giving you the reassurance that your policy will respond when you need it.

We can arrange Professional Indemnity cover for a variety of sectors, including Building, Consultancy, Architects and Asbestos Surveyors.

We can also place a number of other policies including: