The world in which professionals operate is one of ever-increasing pressure and regulatory requirements, with demands for quick answers and cost-effective solutions. This pressure can lead to errors and omissions by the professional which can and do give rise to claims. In a society where consumers are increasingly aware of their rights, the need for PI insurance is further underscored.
Circumstances which give rise to professional liability claims are seldom clear cut. Even 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 both the professional and the client with peace of mind and financial protection.
PI insurance provides the policyholder with indemnity in respect of legal liability arising out of the practice of a profession. This normally arises as the result of negligent acts, errors or omissions.
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.
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.
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.
No matter what your profession or business, if you are providing a highly skilled service, there is the ability for you to make an error or omission, and open yourself and your company up to liability. We will structure a suitable solution to ensure you are covered for the legal defense costs and financial damages that may arise. Ultimately we provide you, your stakeholders, and most importantly, your clients with peace of mind.
To discuss your Professional Indemnity Insurance requirements, please get in touch with our team today.