Paul,
The attached document might provide a more updated insight, courtesy of the
Environment Industries Commission and AGS.
Regards
Steve Forster B.Sc. M.Sc. CEnv.
Managing Director
IEG Technologies UK Ltd
Specialists in Soil & Groundwater Remediation
Milton Keynes Enterprise Hub
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The Open University
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Milton Keynes
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-----Original Message-----
From: Contaminated Land Management Discussion List
[mailto:[log in to unmask]] On Behalf Of Chris
Dainton
Sent: 30 January 2009 10:37
To: [log in to unmask]
Subject: Re: Professional Indemnity Insurance
Hi Neil
To answer your question simply, without getting into the pros cons & misuse
of PI etc.
I would suggest a reasonable normal level for the total PI cover held by a
consultantcy would be in the range £1M to 2M (usually in the annual
aggregate) - I give a range as this will depend on the size of the
consultancy.
However..see below about cover by contract.
Many insurers try to push consultants to limit the PI on a contract - some
unreasonably seek to limit the PI offered to the contract value.
In our T&C we would normally look to contractually limit the PI cover
offered on most projects to a reasonable £100k or ten times the contract
value (which ever is greater) and then negotiate if required on a project
specific basis (all within the framework of our total PI cover).
Some useful general notes here:
http://www.griffithsandarmour.com/Professional_Indemnity_insurance_explained
Chris Dainton
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