Professional Indemnity Insurance

The price depends on a variety of risk factors, not the broker. Many brokers have no conception of PI for architects, many others have no interest in getting a good deal for the client – the more you pay, the more they receive in commission. The last 2 years have seen IFSRA tighten up considerably on the broking community, and about time! If you have a large practice it would be better to pay the broker a flat fee to negotiate on your behalf and get quotes net of commission. (Not much point in going this route unless you are paying more than 10K in PI premium)
Do not be fooled by size and “Big Name” brokers, it is down to the person doing the work for you. Ask to see all the quotes they obtained, and why they are recommending any particular one. A good broker will get an insurer to take an overall view and an insurer providing you with other policies may give you a better deal. Often it is no harm to have one broker for your general business and another for your PI – gets them to fight for their share and keeps them on their toes!
KB

Thanks for that KerryBog2.

The price depends on a variety of risk factors, not the broker……. (Not much point in going this route unless you are paying more than 10K in PI premium)

I’m just looking for cover so that I can offer a BER energy rating service from next year onwards. I don’t have an architectural practice and have no other requirement for indemnity cover.

Do I have to go through an Irish broker or is it possible to get cover directly from a uk based insurance co./broker?

[quote=”energy_
Do I have to go through an Irish broker or is it possible to get cover directly from a uk based insurance co./broker?[/QUOTE”]

Sorry for delay EA, I’m been basking in the balmy torrential rain and cooled by the gales in the Kingdom.

There is nothing to prevent you from either going “direct” to an insurer here or in the UK or doing so via an Irish or UK based broker.
In Ireland brokers are controlled/regulated by the Irish Financial Services Regulatory Authority (IFSRA) and in the UK by FSA. To operate in Ireland a UK broker should have the appropriate approvals and vice-a-versa. It is the same for insurance companies. If you obtain a policy through a UK broker unapproved in Ireland or from a UK insurer who does not have a licence to operate in Ireland you could have a problem in the event of a claim. The IFSRA site details those licensed and the classes of business permitted.
In your position I would first try a direct insurer – e.g. Quinn Direct, obtain a quote to have a benchmark and then get a broker to obtain rates for you from the market.
I do not need PI meself, nor do I have any ties with any names mentioned.
KB2

Thanks for the feedback KB2. Will start getting some quotes in now and see how I go..