Will Professional Indemnity or Public Indemnity Insurance to protect your home? Surprisingly often, the answer is no. Even if you work for a big company, responsibility may end up with you on a personal basis.
Professional Indemnity insurance contracts differ, but if the terms and conditions are not complied with, then the insurer may well refuse to pay. If the insurance has run out – perhaps because the company has closed – then, the individual can end up being the target of a large and expensive law suit, having thought they were not personally liable. Where it may take many years for a problem to appear – for example, with a prepaid funeral plan, the architecture of a building, installation of central heating or electrics, then the liability could become clear years after the person has retired. How many of us maintain professional insurances AFTER we have retired?
Of course, if you don’t have the relevant insurance at all – builders, handymen, window cleaners, baby sitters etc probably won’t – then, any issues will come direct to you. If your assets are not protected, then everything could go.
Fairly on unfairly, doctors, surveyors, financial advisers, insurance brokers, barristers, engineers, car mechanics, tyre fitters, gas or electrical appliance service people can be sued when things go wrong – as can pretty much anyone.
Once you are aware of a claim, it is too late to do anything, so it is very much the earlier the better that you consider the potential for Trusts to protect your assets. There are many reasons to put protective Trusts in place as you may discover on this site, so why not call us for an initial chat, or at least ask for our Guide to Asset Protection.