Hope all are well. I have a query regarding professional indemnity insurance. My organisation is currently going through the process of getting quotes for professional indemnity insurance as some of our work could potentially lead us to having a claim put in the future, if something was to go wrong.
At the moment, as I explained, we are going for a quote, so they have taken down and my colleagues names. I have not disclosed my IVA at work, and neither do I particularly want to. I asked our Financial Controller who said the insurance was to cover the organisation and not us individually, so does that mean I will not have to disclose my financial status, as the liability is against my organisation not me personally.
If they are saying it is for the organisation then it should be ok. Unless specifically asked then I wouldn't tell them about it.
Hopefully one of our experts can help out with this.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
When we renew our PI insurance each year, the IPs have to disclose that they have no debt problems nor have been found guilty of any criminal activity, so it may be the same for your own application Nahdia. I would have a quiet word with insurers to find out what their policy is.
Hi Melanie, the PI is being taken out by my organisation, which is a voluntary organisation, so the policy will be in the name of the trustees I suspect. We have been named on the proposal to get a quote, I have not signed anything at this stage nor has my financial controller alluded that I would have to sign anything.
He explained that the organisation would be taking it out to cover itself. Does that still mean I have to disclose my iva?
It may be ok but always best to run these things past the IP just to make sure.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sorry for jumping on the back of this thread, but does anyone happen to know how likely I am to be able to get professional indemnity insurance as someone who has been in an IVA?
I am no longer in an IVA because it failed a few months back, but I really struggled to get public liability insurance when we did have our IVA. Does anyone know if it is equally difficult or more difficult to get professional indemnity?
Your credit rating can affect your IP cover, but I think insurers look at all cases on individual merit. Nahdia - I would not have thought this is going to cause your organisation any difficulty, but again please check with insurers directly.
