Who pays for the cost of Professional Indemnity Insurance in the end?

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Of course all businesses have to pass on their costs to their customers. But at what point does a general overhead, an insurance premium for example, become a specific cost that can no longer be absorbed in the overall margin?

Partly due to the seriousness of the economic position, a number of professions are seeing significant rises in their professional indemnity insurance premiums as the number and the size of claims rise dramatically. Many solicitors, surveyors and IFAs in particular are being badly hit. And for some, it’s a hit they’re no longer prepared to take.

As reported in moneymarketing.co.uk, Philip Milton of Philip J Milton & Company has made the point that some advisers will need to consider passing on a ‘vulnerability premium’ to protect themselves against the consequences of the kind of claim that in the past they probably wouldn’t have seen.

For an answer to your questions on professional indemnity insurance, call at 0333 3211 403.

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Professional indemnity. To disclose or not to disclose?

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In a recent article written by various contributors from Herbert Smith LLP and posted on lexology.com, a whole series of tips are offered on how businesses can best maximise their recoveries from any insurance claims they make. And one particular tip relates to professional indemnity insurance.

As the authors make clear, some things are cut and dried. If you’re involved in the construction of a tunnel or a bridge and it collapses, then you probably don’t need to be told that an occurrence like that is something you should disclose to your professional indemnity insurance. But what about the ‘grey’ areas? A mild concern is raised in the course of an informal discussion, perhaps. Is that something worthy of disclosure?

Courts have spent many hours arguing over questions like that. So the advice offered is to make sure you always comply strictly with the requirements of the policy, taking legal advice if necessary. Otherwise you may find that you’ve invalidated your professional indemnity insurance cover. Call at 0333 3211 403.

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Chartered accountants in India to get 100% Professional Indemnity Insurance cove

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Traditionally, few firms of Chartered Accountants in India have ever taken out professional indemnity insurance. Not only has it never been a legal requirement, the amount of cover per claim has been limited to just 25% of the aggregated policy limit by the state-owned general insurers. To many firms, self-insurance seemed to offer a better deal than paying what was effectively a four-fold premium.

Now however, a new professional indemnity insurance product has been launched by Tata AIG General Insurance Company. It has been designed specifically for Chartered Accountants and will offer them 100% cover for the first time. One feature, unusual from a UK perspective, is that, in the event of a claim, Tata AIG will appoint the lawyers to provide representation directly rather than simply reimbursing the cost.

To find the professional indemnity insurance you need, call 03333 211403.

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No Professional Indemnity Insurance, no licence

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As things stand at the moment, anyone can set up in business as an estate agent. But in November of last year, a new licensing scheme was introduced by the UK’s leading professional organisation, the National Association of Estate Agents (NAEA).

In the words of Grant Shapps, the Housing Minister: By ensuring they enjoy the trust of people buying and selling homes, estate agents will inject great confidence and movement in the housing market.”

So what does it take for an estate agency to become licensed by the NAEA? Well, at least one agent within the branch has to be qualified in residential property sales and there are requirements for Continuing Professional Development.

But in addition, estate agencies will have to demonstrate that they have sufficient professional indemnity insurance in place.

You can make sure you’ve got the cover you need at 0333 3211 403.

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BST and health (and cuts)

It's summer at last!

Well, in terms of the clock it is. First thing I saw when I looked out of the window this morning was frost on the riverbank. At least the river itself wasn't frozen over though...

British Summer Time often feels a bit unreal for the first few days til you get used to it. What I don't understand though is why not have BST all year round - there's nothing worse than the feeling of being plunged into darkness when the clock rolls back again every Autumn...

So, why not have GMT + 1 during summer and GMT + 2 during winter.

Anyway - summer's here. First of all, that means look after your skin - however welcome sunshine may be, too much of it is bad for you and is a cancer risk. So limit your time under the sun or use a sun block.

Second thing that summer means is that because the weather's warm enough for people to spend more time outdoors, there could be an increased risk of public demonstrations against government cuts. Judging by the events of the weekend, I'll bet that prime minister David Cameron hasn't ruled out the likelihood of 2011 being a summer of UK discontent.

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IR35 AND LEGAL EXPENSES INSURANCE

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IR35 insurance – A cover you must have when you feel that your IR35 status can be challenged. This type of insurance cover can really help you in the cases of VAT disputes, full and aspect enquiries, property and bodily injury claims, debt collection, jury service expenses, employment disputes and many more.

IR35 and legal expenses insurance offers you various levels of insurance cover, from any tax penalties to the expenses of representation in case of an employment inquiry and any other kind of penalties that you might face which may be payable because of any other tax inquiry. NO matter how much care you take while submitting your tax returns, there is no guarantee that there cannot be a tax dispute. Because of the frequent changes in the tax rules every year, there is quite a possibility that you end up in a tax dispute. So it I better to have a policy which will ensure you a safe business and that is the IR35 Insurance and legal expenses policy.

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