CONSULTANTS SHOULD get better insurance deals from this week after a shake up in the Association for Consultancy & Engineering (ACE) professional indemnity scheme.
The ACE has scrapped the scheme offered to members via broker Griffiths & Armour in favour of a new one which is expected to keep a lid on rising premiums.
'When I came into the industry two years ago the biggest issues were professional indemnity insurance and joint and several liability, ' said ACE chief executive Nelson Ogunshakin.
The reorganisation comes in response to the fact that many ACE members had opted out of the original scheme and sought their own insurance instead.
The new scheme will give members access to policies sold by a panel of three brokers comprising Griffiths & Armour, Willis, and Heath Lambert.
The move is intended to give consultants access to a wider range of insurance policies, instead of the one size . ts all policy offered by the original scheme.
It will also complement ACE's campaign for the government to cap the insurance liabilities of consultants.
The Association and its broker panel have agreed a minimum level of cover to be made available to all ACE members. Individual firms can then choose which of the three brokers to use and can negotiate extra cover for particular risks or types of work where needed.
This will allow consultants to negotiate cover according to the liabilities they take on. The old ACE scheme offered cover for a much wider range of risks than some consultants needed.