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Cautionary Tales About PI Insurance

By mjackson

The team from CIAT Insurance Services visited the Yorkshire Region on 13 February 2018 to give a presentation covering some compelling and cautionary tales about Professional Indemnity Insurance.

While many firms won’t need to rely on their Professional Indemnity Insurance for a great many years,  claims invariably do happen and are an unavoidable fact of life.

Over the last ten years, members of the CIAT Insurance Facility have reported approximately 600 claims.

While between 80-90% of all matters notified are closed with no settlement payments being made, the claim either being spurious or successfully defended, the remaining claims have resulted in payments amounting to several million pounds and include costs of over £1,000,000 spent by Insurers in defending members.

The purpose of our presentation was to highlight some of the issues that can arise from a sample of past and current claims and a copy of the presentation is available to download.

Not all of the examples relate to claim notifications made by CIAT members, however, some of the issues highlighted can be common across all professions.

Examples included:

  • Costs & Insurers Consent
  • Contractual Dangers
  • Sub-Consultants
  • The Dangers of the CML Certificate

Request your copy of the “Tales of the Unexpected, Cautionary Tales of PI Insurance”.