Professional Indemnity Insurance
What is it?
Professional Indemnity Insurance will react in circumstances where an error or omission arises in the provision of your services, which causes, or is alleged to have caused, your client/third party to suffer a financial loss. Like other professions such as Solicitors and Accountants, Electrical Contractors provide professional advice and services which are relied upon by their clients. Whilst you will, in no doubt, always act with a reasonable degree of care and skill in order to ensure that your clients’ interests are protected, there is still the potential for you to make a mistake that causes financial loss to a client or for a client to allege that you have made a mistake even if you have not. Whilst such disputes are rare, when they do occur they can be very costly.
Carrying Professional Indemnity Insurance will give your clients the reassurance that you have taken all reasonable steps to ensure you are covered in the unlikely event of an alleged breach of duty, adding further value to any tender process.
What does it cover?
Professional Indemnity Insurance will cover the policyholder in respect of claims made against them by third parties following an alleged professional error, omission or negligence in the services or advice they have provided. If you provide a professional service and make a mistake, it is possible that your client/third party may seek to bring legal action against you for a financial loss they claim to have suffered as a consequence. A Professional Indemnity insurance policy is designed to fund the defence of this type of claim and cover the damages for which you may be held to be legally liable to pay, up to your requested limit of indemnity under the policy.
In addition to any ‘error, omission or negligence’ claims a client might make, your professional indemnity insurance also provides cover for unintentional breaches of your contract – for example, if you have failed to deliver services according to what was originally specified in your contract, perhaps because of a genuine misunderstanding of your duties and obligations in the contract.
If you have any queries regarding Professional Indemnity insurance or any other Insurance related matter please contact John Norton at Arachas. You can contact John on 01 2135000 or by email at firstname.lastname@example.org
What is it?
Unlike conventional insurance, Legal Expenses Insurance (L.E.I.) does not make a direct payment for a claim. Instead, the insurance covers the legal costs involved in pursuing or defending a claim. Legal costs include the appointment of solicitors, barristers and expert witnesses. In many cases, the L.E.I provider, manages the claim from start to finish. Recent years have seen significant rises in business legislation in both Ireland and Europe. Keeping up with the latest changes can be a full time job for solicitors and legal expenses insurers.
L.E.I also provide a 24 hour legal advice helpline which provides confidential legal advice on everyday legal problems or queries affecting the business.
What does it cover?
The cost of defending your company’s legal rights is also increasing, with few organisations able to afford the luxury of an in-house lawyer. Even the cost of dealing with relatively minor problems can easily run into thousands of Euros, and this does not include the amount of management time wasted or stress caused by such matters. Growing public awareness of legal rights and an increasing willingness to take legal action against an organisation compounds the risk faced by businesses in Ireland today.
The main heads of cover are –
Employment Disputes & Financial Compensation Awards.
Legal Defence – Defence of prosecutions taken against the business.
Property Protection & Bodily Injury.
Tax Protection – Payment of accountant costs following a Revenue Audit or V.A.T. dispute.
Debt Recovery – Recover undisputed debts from the sale or provision of goods or services.
On-line Employment Manual.
Helplines – 24 Legal advice, Counselling helpline,
Optional covers – Contract Disputes Cover, Statutory License appeals, Disciplinary Hearings cover.
If you have any queries regarding Legal expenses insurance or any other Insurance related matter please contact John Norton at Arachas. You can contact John on 01 2135000 or by email at email@example.com
Contractors All Risks Insurance
What is it?
Contractors All Risks Insurance (also known as Contract Works Insurance) is a ‘material damage’ policy designed primarily to cover the works i.e. that which is being installed, against perils such as damage by fire, storm, water ingress and theft.
The standard Government Contracts (PWC Forms) and also the private Building Contracts (RIAI Forms) put the onus to effect this type of cover on the Main Contractor for his benefit and also for the benefit of all tiers of subcontractors.
What does it cover?
Standard policies have four sections with the first being the primary cover i.e. insuring against damage to the works.
Other sections grant cover for Plant and equipment either Owned or Hired In.
A policy will typically look like this :-
Section 1 – Contract Works – Covers loss of or damage to contract works and materials with the works and materials covered from the moment of arrival on site.
Section 2 – Constructional Plant – Covers loss or damage to your own plant including tools & equipment and/or Site Huts & Temporary Buildings.
Section 3 – Hired in Plant – Covers loss of or damage to hired in plant.
Section 4 – Employees’ Tools & Personal effects
If you have any queries regarding Contractors all Risks insurance or any other Insurance related matter please contact John Norton at Arachas. You can contact John on 01 2135000 or by email at firstname.lastname@example.org
Construction Guarantee Bonds
What are they?
Bonds may be a contractual requirement irrespective of whether operating as a main contractor or as a sub contractor.
What do they cover?
Such Bonds are issued in favour of the person or company whom the Contractor is working for. In the event of the Contractor not meeting his obligations under the Building Contract the person giving the Bond (the Surety) will be required to pay the amount of the bond direct to the person or company to whom the bond is issued.
Bonds can be issued by either Banks or Insurance Companies. Obtaining a bond is akin to applying for a commercial loan and the viability and financial strength of your company are the key factors in determining whether a bond offer will be secured.
Bonds are usually required for either 25% or 10% of the Contract Sum and will usually be required for a period covering the Contract Period plus the Defects Liability Period.
If you have any queries regarding Construction Guarantee bonds or any other Insurance related matter please contact John Norton at Arachas. You can contact John on 01 2135000 or by email at email@example.com