Insurance for Engineers

Professional Indemnity

Professional Indemnity provides indemnity for professional errors and negligence. Importantly, it provides legal defence costs and cover for any awards or settlements in the event of a claim being made against you. Whilst all claims scenarios will be subject to policy terms and conditions, it is essential that as a professional engineer, you buy a policy specifically designed for engineers. Some miscellaneous professional indemnity policies might exclude engineering activity. Typical claims might include specification errors, certification errors and design oversight. The policy also typically provides cover for the costs of responding to a disciplinary investigation.

What is typically covered?

• Damages and claimant costs awarded against the insured
• Legal and defence costs
• Claims investigation costs
• Inquiry attendance costs
• Public relations costs

What is NOT covered?

• Intentional damage
• Known claims and circumstances
• Fraud and dishonesty
• Bodily injury / property damage

Business Insurance

Your clients and projects are critical to your engineering business but take a moment to think about the other things that help to keep your business running too. Your business assets help you to perform your engineering skills to the best of their ability and without them you may find yourself faced with some unwanted challenges. That is where Business Insurance can provide some reprieve.

Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance policy can also cover your portable equipment, and loss of revenue due to business interruption in specified circumstances.

Some of the different types of business insurance options you may want to consider for your engineering business include:

Building*– Covers you for loss and damage to buildings you own, as a result of an insured event, e.g., fire, malicious damage.

Contents*– Cover for loss of or damage to items such as business equipment, stock, plant and machinery, records, fixtures and fittings and furniture belonging to you at the insured location.

Portable Equipment insurance*– Covers you for loss and damage to your tools and equipment due to theft, fire and other perils listed in the wording, anywhere in New Zealand.

Statutory Liability

Engineers are increasingly vulnerable to changing legislation and any inadvertent breach of New Zealand Statutes can typically be covered by a Statutory Liability policy. The policy covers your legal defence costs as well as, in some cases, any fines incurred.

* This information is a general guide only and does not take into account your objectives, financial situation or needs. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.

The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Cover for a claim will depend on the specific circumstances around the loss and would be subject to the terms and conditions of the policy concerned.