The new PI policy is designed for licensed trades involved in providing reports, advice, or design services for individual or low-rise residential and commercial projects valued below $10 million. By integrating these coverages, Hutch Underwriting aims to simplify the insurance process for tradies, ensuring comprehensive protection without the need for multiple policies.
Key features of the policy include civil liability coverage with limits up to $5 million, and aggregate limits reaching $10 million. Notably, cyber cover is included as standard, addressing risks such as data security breaches, client network infections, and cybercrime losses. Optional extensions are also available, covering sudden and accidental pollution, previous business activities, mitigation costs, and specific provisions for design and construct projects.
Ross Chambers, Head of Financial Lines at Hutch Underwriting, highlighted the challenges brokers face in placing PI insurance for construction-related risks that involve design or advisory components. He noted that brokers often resort to combining multiple policies or endure prolonged response times for well-managed small to medium-sized enterprises. The new policy aims to alleviate these issues by offering clear guidelines, streamlined application processes, and digital accessibility.
For tradespeople, this development signifies a significant advancement in managing professional risks. The inclusion of cyber coverage is particularly pertinent, given the increasing reliance on digital tools and the associated vulnerabilities. By adopting this comprehensive PI insurance, tradies can safeguard their businesses against a broad spectrum of potential liabilities, ensuring continuity and financial stability in an increasingly complex operating environment.
