Austbrokers Countrywide is an Insurance Broker who specialises in the placement of Professional Indemnity Insurance for Engineers.
Insurance is complex and there is a large variation in pricing and the quality of cover which can be obtained. In addition, if you require a policy that complies with the Victorian Building Act we would be more than happy to source a product which is compliant and provides adequate protection.
Professional Indemnity Insurance
We arrange PI Insurance for all types of engineers including:
Mining / Resources
Professional Indemnity Insurance for Engineers Why is it important?
The law requires an Engineer to exercise their skill at anappropriate level expected of that profession. Any financialloss arising from a mistake or failure by that professional todo so, may result in an award in favour of a third party. Aprofessional may also be held to be liable for a mistake eventhough there was no negligence (i.e. breach of the TradePractices Act).
An Engineers PI policy is designed to protect the company’sassets (of larger forms) or the personal assets of a soleconsulting Engineer against damages awarded against themby a court, or resulting from an approved negotiated settlement,in relation to an act, error or omission committed by theprofessional during the conduct of their professional businessactivities. It also covers the costs and expenses of defendingclaims.
Claims Examples The Engineering claim resulted from the failure of a silo. Possible design failure or unsuitable foundations have caused the silo to become unusable, and replacement or thorough restructuring may be necessary. The Structural/Mechanical Engineer was responsible for the design and preliminary construction of the silo and therefore is being held accountable for over $1,000,000.
The Engineering claim resulted from the emergence of cracks in the brickwork and gyprock of the residence of the client. Inspections showed that several large cracks in the double brick duplex were caused by its unsuitable foundation on reactive clay soils. Water has caused the soils to swell and thus the house has been distorted. The Civil / Structural Engineer is being held responsible for the defects to a value of $200,000.
The claim against the builder has come about due to apparent faulty workmanship in the construction / renovation of the existing facilities of a large Soccer Club. The club is suing the Structural Engineer for manufacturing defects and faulty materials used in the project to a sum of $140,000.
Find out what Austbrokers Countrywide can do for you.
For an obligation free insurance review, talk with one of our specialist brokers today to find out more.