I don’t know how it is in the US as I think your culture is more litigious than ours but we have standard products and public liability insurance. We get a decent broker and show him what we do and he assesses it on that. We’re always careful to avoid consequential loss, though.
As a consultant engineer I have to have Professional Indemnity Insurance. I use a company in the UK called Randell Dorling and also sign up to the Professional Contractors Group which gives me additional cover.
My cover was complicated to obtain because a significant proportion of my work was connected with the oil industry and pharmaceutical industry (pollution abatement using cryogenics). Both these industry sectors raise alarm bells in the insurance industry even ten years ago because of the potential liability.
3 Comments
Vincent Grillo
August 22, 2012We carry product liability insurance and the premiums are based on the amount of sales. The insurance is also broken down by catagories as well.
Insurance for LOX products is significantly higher then LN2. Likewise LH vs. LHe. We are audited to establish the rates vs. revenues.
David Cooke
August 22, 2012I don’t know how it is in the US as I think your culture is more litigious than ours but we have standard products and public liability insurance. We get a decent broker and show him what we do and he assesses it on that. We’re always careful to avoid consequential loss, though.
Charles Monroe
August 22, 2012As a consultant engineer I have to have Professional Indemnity Insurance. I use a company in the UK called Randell Dorling and also sign up to the Professional Contractors Group which gives me additional cover.
My cover was complicated to obtain because a significant proportion of my work was connected with the oil industry and pharmaceutical industry (pollution abatement using cryogenics). Both these industry sectors raise alarm bells in the insurance industry even ten years ago because of the potential liability.