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New policy breaks PI impasse

NEWS

A PROFESSIONAL indemnity (PI) policy aimed exclusively at geotechnical and environmental engineers is being launched this month. Lloyd's broker Howden UK and specialist professional indemnity underwriter AG DorÚ claims this is the only PI policy on the market to exclusively meet geotechnical firms' needs.

Howden UK executive director Lance Rigby said: 'The market for geotechnical and environmental engineers has been severely restricted over recent years, almost to the point of being non-existent.

'As a result, rates have become unaffordable for many firms, forcing some to operate without cover - leaving them drastically exposed.

Despite the recent softening in the insurance market, geotechnical and environmental engineers are still viewed by many insurers as high risk and so are still likely to experience high premiums and restricted cover' (see page 17).

The bespoke policy will include an amount of negligence cover for bodily injury, property damage and pollution exposures and AG DorÚ will be providing 100% of primary cover up to £2M.

It added that it can offer higher limits of cover with pre-agreed market support.

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