Professional Indemnity Insurance is now more or less essential for expert witnesses. With the more litigious nature of today’s society, expert witnesses will be the subject of more claims – whether real or vexatious.
Working with Lockton Companies LLP, we have designed the UK Register of Expert Witnesses Professional Indemnity Insurance scheme, insured by Accelerant and underwritten by Omnyy. It has been created specifically to offer insurance for the expert witness work you do. It can be taken out to provide additional cover if you already have insurance in place for your non-forensic work, or to offer new cover if your work is entirely forensic. Alternatively, if you wish to obtain cover for all your work, forensic and otherwise, this can be considered too.
A valuable additional feature of the scheme is the option to buy a single run-off policy when you retire from active expert witness work. A one-off premium, negotiated at the point of retirement, will provide 6 years’ protection against any nasty ‘sting in the tail’ claim that might arise. Six years will see most cases reach their statutory limitation period, after which, generally, no further claim can arise.
Having insurance means that the insurer will be able to manage any claims on your behalf, and in the worst case settle the claim should that become necessary. In other words, any claim against you no longer needs to deflect you from productive work, or keep you awake at night!
Our scheme is exclusive to members of the UK Register of Expert Witnesses and provides cover from £500,000 upwards.
The scheme also offers the option to buy a run-off policy when you retire from active expert witness work which will provide 6 years’ protection against any claim that arises on completed cases.
To learn more about the policy coverage, you can read the policy document, or talk to Lockton.
Top-quality cover and highly competitive rates
We wanted the UK Register of Expert Witnesses Professional Indemnity Insurance scheme to provide top-quality cover and highly competitive rates. To keep things simple, there is a streamlined application process to apply for cover up to £2,000,000 where your annual expert witness fee income is less than £200,000. In such circumstances, the costs would be as follows:
|Fee Income between
£100,000 and £200,000
* excludes Insurance Premium Tax @ 6%
On top of the premium, Lockton will charge an administration fee no greater than £40 to cover costs such as the processing of the payment, postage and preparing the policy documentation.
If you have a higher fee income, you can still seek to take out cover under the UK Register of Expert Witnesses Professional Indemnity Insurance scheme. Instead of the streamlined application process, you will need to contact Lockton who will negotiate competitive cover terms specifically for you. Equally, if you want to cover all your work, not just your forensic work, speak with Lockton. In both situations you can expect your total fee income and any existing PI insurance premium to have an influence on the final premium offered.
If you are interested in joining the UK Register of Expert Witnesses Professional Indemnity Insurance scheme and have an expert witness fee income below £200,000, you can download the application form and send it to Lockton, or call Lockton on 0845 634 0672 where a member of its team will be more than happy to discuss your requirements.
you can still look to take cover under the UK Register of Expert Witnesses Professional Indemnity Insurance scheme. Simply contact Lockton, who will negotiate competitive cover terms specifically for you.