Professional Indemnity Insurance

Professional Indemnity Insurance
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Marine Surveyors Professional Indemnity Insurance

The professional indemnity insurance policies we are able to provide are tailored to suit the specific needs of marine surveyors.

Clients expect your services to be reliable and accurate as you are labelled as professional. As boats are expensive people look to get expert advice before making any big decisions so you need to ensure you give facts and if you are not sure, find out before telling a client anything.

What can I be found liable for?

There are many situations in which you can have claims made against you. In any situation where a client feels that their trust was misplaced then its likely that you will be the subject of a claim. A few examples of the main claim reasons are:

  • Inaccurate description
  • Misdirected reporting
  • Issues with expert witness
  • Inadequate advice

If you would like any help or advice with your marine surveyors professional indemnity insurance, please contact one of our brokers who will be more than happy to help.

Example of a claim

A 19th Century Yacht Sinks

A marine surveyor was instructed to determine the suitability for towage to a drydock of a steel hulled yacht built in the nineteenth century. The surveyor produced his preliminary report which stated that, although the yacht needed a major re-fit, the towage could be undertaken subject to certain stringent requirements.

The yacht was safely towed to the drydock, where the hull was sand-blasted and the yacht refloated. It then became obvious that water was entering the hull at several points and the yacht was put back into drydock.

After repairs the yacht was again refloated but sank at her moorings and became a total loss.

The hull underwriters declined to settle the owner's claim, and the owner commenced legal proceedings against them. The surveyor was joined into these proceedings as a Third Party by the bull underwriters, on the grounds that they had relied on the preliminary survey report when deciding to insure the yacht.

The insurer's lawyers were ultimately successful in having the surveyor struck out of the main action between owners and underwriters, as he had only provided a towage suitability survey, but at a considerable cost.

It is obvious from the above case that the surveyor was innocent of any negligence, but it illustrates the costs that can be incurred in defending an unjustified claim.