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If you undertake professional work, whether through a partnership or company or as a sole trader, as an employee or in a private capacity, you should ensure your work is covered by sufficient liability insurance.
ARB Requirement & Guidelines
PI Insurance is a recommended requirement of the Architects Registration Board (ARB) under Standard 8 of the Architects Code.
PI Insurance is essentially designed to cover both claims against you and defence costs for mistakes you make whilst undertaking professional services.
Limit of Indemnity
A minimum limit of indemnity provided by PI insurance should be £250,000 for each and every claim. It is important to maintain sufficient cover to enable to meet claims arising from professional practice.
Whilst a practice can easily arrange Insurance cover for office contents, motor or similar cover, a claim against you for negligence can result in a large settlement and could incur substantial legal costs which could exceed the annual fees you earn.
You should ensure that any work undertaken overseas is adequately covered as PI insurance abroad is subject to two different types of limits – geography and jurisdiction.
PI Insurance cover is provided on a claims-made basis, so for cover to be provided insurance must be held when a claim is made, rather than when an incident occurred. Therefore, it is important that you ensure that you have in place adequate ‘run-off’ cover.