Advantage Solo Members

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In association with Advantage Accounting we have launched a dedicated online quotation service for Advantage Solo members.

There are principally two reasons people in business purchase Professional Indemnity Insurance, firstly they may be required to by their clients or secondly they believe that to trade without the protection of PI would be fool hardy as litigation for negligence could wipe them out financially. Whatever the reason you buy insurance it is important to bear in mind two very important things.

1. Professional Indemnity Insurance Is A Claims Made Insurance

Professional indemnity is nearly unique in generally operating on a ‘claims made' basis. This provides cover for claims made (and reported to the insurer) during the period of insurance only. In other words, if you do not hold PI insurance at the time a claim is made against you, irrespective of whether you had PI when you carried out the work in question, you will not be insured. You should therefore maintain PI insurance for some time after you have completed a contract.

2. There Is No Stipulation For How A Professional Indemnity Policy Is Offered To Many Professions

Unlike some professions such as RICS Surveyors and Chartered Accountants there is no requirement for insurers to offer a minimum standard of cover to IT contractors or indeed other miscellaneous professions. This makes comparing PI policies very difficult with phrases such as “Civil wording” against “Legal Wordings” or “Costs in addition” against “Costs inclusive” and of course the main difference which effects cost is an “Any One Claim” policy against an “Aggregate” policy. Hammond Professional Indemnity Consultants have developed this web site dedicated to explaining the in’s and out’s of Professional Indemnity cover. For more general information please browse the site but particularly the section of “What is Professional Indemnity” and the IT Contractors link on the “PI for your professionals” page.

Why Use The Hammond Pi Facility

When offered the opportunity to work with Advantage Solo members we wanted to offer a quality product which offers greater protection at a reasonable price. In providing an online quote and buy arrangement we are able to cut handling costs and so the price. We are using HCC International as the insurer due to their financial status and ratings, reliability and policy conditions".

Why HCC International?

  • We wanted a policy wording based on an 'Any One Claim' i.e. full cover for each claim, no capping in the aggregate.
  • We wanted a full civil liability wording i.e. not restricted to a list of heads of cover.
  • We wanted the excess not to apply to defending any claims against you, i.e. you are not out of pocket even though you are innocent of the claim.
  • We wanted a policy which can provide full retroactive cover.
  • We wanted legal costs to be supported in addition to the limit of insurance. i.e. the cost of defending the claim does not eat into the limit of cover you have purchased.
  • We wanted to pay a fair price for a fair cover i.e. No stripping away of cover to save on price.
  • We wanted an Insurer rated highly across the board. (AA (Very Strong) by Standard & Poor’s; AA (Very Strong) by Fitch Ratings. In addition, A+ (Superior) by A.M. Best Company).

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