What is professional indemnity insurance?
Professional indemnity insurance is sometimes referred to as PI insurance. It is a form of protection against compensation owed to a client. Compensation can vary depending on the type of claim as well as the severity. A professional indemnity policy will reduce the financial impact on your business by allowing you to recover losses from compensation claims made against you.
What does professional indemnity insurance cover?
Depending on policy coverage you may receive cover for causing a financial loss, or reputational damage, to a customer for:
- Professional Negligence – this may be due to a mistake on your part, or incorrect advice or information provided to a customer that results in them suffering a financial loss. It may also include your client overrunning on their budget and making a compensation claim against you.
- Legal Costs – including compensation payments awarded to the defendant. Your defence costs are also paid, including legal fees.
- Breach of Confidentiality – including sharing information without permission, or infringing any copyrighted material, trademarks, or intellectual property rights.
- Bodily Injury – if a client is injured due to your negligence.
- Property Damage – when a building or its contents are damaged due to negligent work.
- Acts of Defamation – such as libellous or slanderous statements made about a client.
- Loss or Damage to Goods or Information – loss or damage to stock, equipment, or other belongings, as well as information which could include documents or data..
If you own your own business cover may also extend to include your employees.
Professional indemnity insurance is provided on a claims made basis meaning it will only cover you for claims made during the time you’re insured.
Do I need professional indemnity insurance?
Not every business requires professional indemnity insurance, and it isn’t a legal requirement. Usually, this type of cover is required by businesses or individuals that offer knowledge, skills, or advice as part of their work. Some professionals will need to have professional indemnity insurance if they want to be a member of their professional body, or their industry may have regulations that require this cover. These professionals within the marine industry can include:
- Business Consultants
- Educators & Training Providers
- Coaches & Trainers
If you need more advice about the impact of Professional Indemnity on your business, call the experts at Velos.
Call us now on 0207 929 4058 or email us at email@example.com
What is Directors & Officers Liability Insurance?
Directors and officers (D&O) insurance policies provide liability cover for company managers to protect them from claims which may arise from the decisions and actions taken as part of their regular duties.
Any allegations of wrongdoing need to be investigated and defended, and this can come with a significant amount even if the case does not reach court. This means directors and officers personal finances are at risk, so it’s essential companies provide protection through directors and officers (D&O) liability insurance.
What is covered under Directors & Officers Liability insurance?
The main purpose of a D&O policy is to provide financial protection for managers against the consequences of actual or alleged “wrongful acts” when acting in the scope of their managerial duties. The D&O policy will pay for defence costs and financial losses. In addition, extensions to many D&O policies also cover costs for managers generated by administrative and criminal proceedings or during investigations by regulators or criminal prosecutors.
Who is covered under Directors & Officers Liability insurance?
All current, future, and past directors and officers of a company and its subsidiaries are covered under a D&O policy, which can also include non-executive directors. Cover is usually taken out and paid for by the company.
The Reassurance of Directors & Officers Liability insurance
Directors and officers insurance covers costs associated with the defence of an allegation of a wrongful act. This means it takes away the financial risks faced by directors and officers, giving them protection should an allegation or claim be made against them. Considering that even simple investigations can cost thousands purchasing directors and officers makes financial sense.
What is a wrongful act?
This could be a breach of trust, breach of duty, neglect, misleading statement, error, or wrongful trading, committed or attempted by a director or officer whilst acting in this capacity on behalf of the company.
Why are individuals vulnerable?
- Legal liability is shifting away from companies and towards personal liability.
- Regulators are now more proactive in investigating companies.
- Employees know their employment rights and are increasingly likely to pursue legal action..
If you need more advice about the impact of Directors & Officer’s Liability on your business, call the experts at Velos.
Call us now on 0207 929 4058
or email us at firstname.lastname@example.org
When looking for a boat insurance policy, boat owners often wonder whether their boat is covered by their homeowners insurance.
So, does homeowners insurance cover boats?
In this blog we explain the liability coverage of homeowners insurance policies vs boat insurance policies and whether it’s a better idea to take out a dedicated boat insurance policy.
Do I Need Separate Insurance for My Boat?
Boats have a high recovery and replacement cost and come with their own risks. So, insuring them makes sense.
You may find that your homeowners insurance policy or car insurance provides a degree of cover, but there are lots of good reasons for taking out a dedicated boat insurance policy or personal watercraft insurance.
Will My Home Contents Insurance Cover My Boat?
While your boat is stored at your home it may be covered – up to a certain value – by your homeowners insurance policy.
Home insurers, for the most part, do not have any particular expertise in insuring watercraft.
So, you will find that you have limited coverage that is not tailored to your needs.
And if you are in the unfortunate position of needing to claim for damage or an accident to your boat, you may be getting help from someone who does not have a full understanding of what has happened and what your needs are.
It is certainly worth calling up your home insurance company or provider and asking them whether your boat is covered.
But specialist boat or watercraft insurance will give you better insurance coverage, better service and better peace of mind than homeowner’s insurance.
It will provide coverage when your boat is on the water, in a marina or in a boatyard, too rather than the very limited coverage that home insurance policies provide.
Will My Car Insurance Cover My Boat?
While you’re towing your boat to the water, it may be covered by your car or auto insurance if you’ve made appropriate arrangements.
Note that some motor insurances have restrictions about the length of boat you can tow in your boat trailer and are usually limited to small boats.
It’s best to call up and ask before you set out.
Do I Need Boat Insurance?
You probably do need boat insurance, particularly if we’re talking about a larger boat with a high replacement cost.
Insurance may also be a condition of navigating certain waters or taking part in organised sailing activities.
So not having boat insurance can be quite limiting.
Your home insurance might cover your boat while it’s stored at your home.
But your homeowners policy won’t cover your boat on the water, in transit or in a boat yard.
Personal liability coverage is almost always very limited when you have homeowners insurance cover and homeowners policies will have restrictions on many things such as boat size and certain vessels won’t be covered by your insurance provider at all.
Not ideal if you get into a boating accident and need yours or a third parties medical bills covered.
Boat insurance cover will almost always give you better liability insurance and personal property coverage than homeowners insurance.
Is Boat Insurance a Legal Requirement?
There is no UK law saying that you must insure your boat – but you will need, at the very least, third-party cover if you want to access the facilities at a marina or use a boatyard.
And you’ll also need it if you plan to navigate rivers and canals.
Am I Covered by The Previous Owner’s Boat Insurance?
If you buy a boat second-hand, the insurance previously held won’t apply any more. You need to take out a new policy for your boat.
How Do I Cut the Cost of My Boat Insurance?
You can reduce the cost of boat insurance by:
- shopping around to find a policy that best meets your needs (NOTE: Velos won’t be on any price comparison websites because we offer a tailored insurance service)
- building up a no claims bonus
- taking some training (particularly if you are a new boat owner).
How Much Does Boat Insurance Cost?
The cost of boat insurance varies enormously according to what type of boat you wish to insure, where it is stored, your level of experience and competence and what activities you have planned on the water.
At Velos we provide tailored insurance, so the best way to find out the cost of your boat insurance is to use our form to get a quick quote.
Ultimately, while boat owners have limited coverage of their personal watercraft via their home insurance policy while it is on their property, we hope you’ve seen that a specific boat insurance policy is always the better option to have full coverage for your boat.
More is typically covered than would be on your home insurance policy, especially if a person’s boat is being used on the water, rather than sitting on your drive.
What should you do if you get stranded on the water?
Dead batteries, soft grounding, empty fuel tank… Whatever the reason, your boat is dead in the water, or unable to attain a good speed and you need to get back to a safe harbour or mooring for repairs. A breakdown on water is stressful wherever it occurs, and it will certainly be expensive. But insurance coverage can help reduce the impact.
Do I have to pay to get my boat towed?
The cost of getting your boat towed to safety will vary by the distance you need to go and the conditions. You may be lucky and find someone to help you for free – but you may have to pay, and it is decent to give a donation if a voluntary organisation comes to your aid. The price will depend on the time of day (according to the marine breakdown service SeaStart, 80% of pleasure craft breakdowns occur at the weekend or in the evening when recovery may be more expensive).
Many boat owners opt to pay for an annual breakdown and recovery service. That way they can be sure of priority attention and a predictable bill.
How do I call for assistance when my boat is broken down in the water?
In the UK, at sea, if you don’t have a breakdown policy, and you can’t fix your craft, you can put out a pan-pan call on your radio, or contact the coastguard on channel 16. The coastguard will ask another boat in the area to help you. If there is an immediate risk, make a mayday call.
On an inland waterway, in an emergency when lives or property are at risk, call 999. The Canal and River Trust has boat service listings to help you find a nearby boatyard that can help with a tow.
What information should I give the coastguard during a breakdown?
Ideally, you should be able to give an accurate position. This shouldn’t be much of a problem on inland waterways. But at sea it is very difficult to judge distance by eye, and interpretations of ‘just off’ or ‘not far from’ can vary. Make sure your radio is GPS-enabled so you can get your position quickly and easily.
As well as your location, you should also tell them what type of craft you are in, and briefly explain your problem.
Do I have to accept the tow company’s fee?
If you want to get back to a safe harbour from a breakdown at sea, it’s as well to check where whoever comes to your aid is towing you to, and what compensation they want. In some cases it may be enough to agree to buy them a beer, or pay for fuel, but a professional boat breakdown service will send you a bill.
On an inland waterway, it may be possible to shop around, but if you do not take action to move your boat you risk the waterway authority acting on your behalf.
How do I get ready to have my boat towed?
While you wait for your rendezvous with the rescue boat, set up lines and fenders. The skipper may have their own lines and fenders, so don’t deploy yours until you are asked to. Yachts should lower their sails, unless they think they might need to manoeuvre before the tow-boat arrives. The skipper may try to call your phone, or contact you by radio to let you know help is coming. So keep an eye on your communications devices.
How much does it cost to get my boat towed to my home mooring?
Many watercraft breakdown policies will include recovery to the nearest safe mooring or haven. This might not be your home mooring. You will have to pay extra if you want your boat taken to your home mooring, and you may not be able to arrange this immediately.
What should I do once my watercraft has been towed to safety?
Once you are in a safe haven and your craft is protected from further damage, contact your insurance company and find out what the next steps are.
Will my boat insurance cover me if I need towing?
At Velos we tailor our policies to our customer’s specific needs. Contact us today to find out how we can help you with pleasure craft insurance.
Yachting Boating World: The Maritime and Coastguard Agency is reminding people to take care while playing the popular mobile phone game, Pokémon GO.
The incident happened at New Brighton marine lake in the early hours of 19 July.
Wirral Coastguard Rescue Team and the Merseyside Fire and Rescue Service both responded to the incident.
When the crews arrived at the scene, they found the youths had already left. The young people had left the rowing boat drifting in the middle of the marina.
Now the Maritime and Coastguard Agency (MCA) has issued a warning to youngsters, reminding them to use their common sense while playing the popular mobile phone game.
Senior coastal operations officer, Danny Jamson, said: “We know that many people are enjoying Pokémon GO across the UK and we wouldn’t want to spoil that fun.”
“However, we would ask people to use a little common sense and not to take risks while looking for Pokémon,” he stressed.
“The incident this morning shows that risk taking can put not only you in danger but also the rescue services who have to come to your aid,” said Jamson.
The MCA has taken to the social media sites, Twitter and Facebook, to highlight their safety message.
Practical Boat Owner: A couple abandoned their blazing yacht after an engine fire broke out near the entrance to Poole Harbour.
The caller then alerted the coastguard that he ‘could see flames and that they were ‘abandoning ship’.
The UK Coastguard also received multiple 999 calls from other vessels and members of the public in the area that could see the black smoke billowing from the yacht, which was in the Swash Channel, approximately 100 metres outside the entrance of Poole Harbour.
The yacht, with a man and woman on board, had been en route to Old Harry rocks at the time of the fire.
A nearby pleasure cruiser and several other vessels, including Condor ferry which launched its rescue boat, responded to the emergency broadcast and made their way to the burning vessel to assist the crew.
The 25ft pleasure cruiser recovered the two crew and transferred them to the Poole RNLI lifeboat.
Poole Lifeboat volunteers, who had been washing mud from the lifeboat and equipment back at the station, following two earlier shouts, sprang into action when the Mayday call came in.
At 18.40pm both lifeboats launched, Poole Inshore lifeboat was on scene within eight minutes and found that the couple had been picked up by a passing motor boat and were safe and well.
There were a lot of vessels in the vicinity so the lifeboat crew moved boats away, cordoning off the area around the burning yacht. They transferred the casualties from the motorboat to the lifeboat and assessed the situation, establishing how much fuel was on-board and if there were any gas bottles or anything else inflammable.
The all-weather lifeboat arrived and was preparing its salvage pump and fire hose, the crew began to douse the fire down, the yacht was drifting north east.
The inshore lifeboat stood by as a guard vessel. The casualties on board were transferred onto the Vanguard, the pilot boat, who took them back to Poole Yacht Club.
Yachting Boating World: Irishman Fanche Mahe stole the yacht from Saundersfoot in Pembrokeshire and attempted to sail for France because he was “sick of life”, a Welsh court heard.
He only managed to sail the vessel four-and-a-half miles southeast of Saundersfoot harbour before he was intercepted by the police on board the Tenby RNLI Tamar class lifeboat.
The owner of the Summer Lily had seen his yacht’s distinctive red sail heading into the distance when he had arrived at the harbour on the morning of 26 June for a day’s sailing.
He had immediately contacted the police who had requested the assistance of the RNLI.
The 17 foot yacht was towed back to the harbour. It had sustained around £50 worth of damage.
Haverfordwest Magistrates Court heard that Mahe, of County Galway, had initially refused to cooperate with the police officers.
In interview, he told officers his motorbike has broken down and he’d decided to take a boat and go sailing.
Mahe added that he was “sick of life” and wanted to “p**s off and go sailing”.
In Mahe’s defence, the court heard that the 30-year-old had come to Wales to look for work. He had been unsuccessful and after running out of money decided to go sailing.
Magistrates fined Mahe £293 and ordered him to pay court costs of £115 plus £50 compensation to the owner of Summer Lily.
Yachting Boating World: The Marine Accident Investigation Branch has found that “poor bridge team management and navigational practices” contributed to the grounding of the Hamburg cruise ship.
The vessel was trying to enter Tobermory Bay when the accident happened. No-one was injured, but the Hamburg needed three months in dry docks for repairs.
The investigation by the Marine Accident Investigation Branch (MAIB) found that having been unable to enter Tobermory Bay on arrival, the Hamburg’s passage plan was not re-evaluated or amended.
“Combined with poor bridge team management and navigational practices, this resulted in the vessel running into danger and grounding,” said the MAIB report.
The Hamburg could not enter Tobermory Bay as there were already two other cruise liners. The investigation also found irregularities in the crew’s response to the accident.
“Despite the loud noise and vibration resulting from the grounding, the bridge
team did not initiate the post-grounding checklist, no musters were held and neither the
vessel’s managers nor any shore authorities were notified of the accident,” stated the report.
Despite no “appropriate post-grounding actions” being taken, the Hamburg proceeded to Tobermory Bay. Here, an “ill-considered and poorly executed attempt” was made to anchor the cruise ship.
This was before a full assessment of the damage had been conducted and before “any of the port, coastal state or company” had been informed of the accident.
“This (attempt to anchor) had to be aborted to avoid a second grounding when Hamburg dragged its anchor,” said the report.
The passenger vessel was then taken back out to the open sea with unknown damage to its structure. It diverted to Belfast where a dive survey revealed the extent of the damage.
This included a cropped port propeller and damage to the hull plating on the port side and the bottom of the cruise ship.
The MAIB found the decision to sail for Belfast “without first developing a plan with the vessel’s senior officers, technical managers and the relevant authorities ashore” was “inappropriate and incurred additional unnecessary risks”.
The report also stated that the 58-year-old master of the Hamburg, Captain Joao Manuel Fernandes Simoes “did not demand a high standard of navigational practices from his officers which resulted in a weak practices amongst the bridge team”.
Simoes was subsequently prosecuted by the Maritime and Coastguard Agency for the failure of passage plan under SOLAS and failure to report an accident contrary to the Merchant Shipping (Accident Reporting and Investigation) Regulations 2012.
He pleaded guilty and was fined a total of £813.
The operators of the Bahamas-registered Hamburg, V-Ships, conducted its own investigation into the groundings. As a result, it has increased training and reviewed its navigational practices, emergency contingency plan grounding checklist and passage planning.
The MAIB noted that all parties to the incident had taken appropriate action, and it did not need to make any recommendations.
Yachting Boating World: The police in Lincolnshire are warning boat owners following a spate of outboard engine thefts along the River Glen at Surfleet.
Since April, seven engines have been stolen. On two occasions, boats were set adrift after the engine was taken. Owners are being asked to remove outboards when not in use.
Some of the thefts happened on the 2 May at 2.20am, and police have now issued CCTV images of two men who may be able to assist with the investigation.
One of the men is described as white, approximately 40 years of age, with a chubby build and a bald/shaved head. He was wearing a black leather jacket and light trousers/jeans. The man is also a smoker.
His companion is also white, approximately 40 years of age and an average build. He has short, brown receding hair, and was wearing a light coloured tracksuit top, dark coloured trousers/jeans and trainers.
A police spokesman said: “Since April there have been seven thefts of outboard engines from boats moored on the River Glen at Surfleet. On two occasions the boats where taken, the engines removed and then set adrift they (the boats) have been recovered. Can all boat owners please increase checks on their boats and if possible remove outboards when not in use.”
Lincolnshire Police runs a Waterway Watch scheme to try to maintain the security of the county’s waterways and the people and clubs that use them.
Information about current incidents and operations is shared between the police and scheme members. Waterway Watch also issues crime reduction advice.
Last July, the security marking company, Datatag, reported that outboard engine theft had increased by more than 40% in the last six months. It said outboard theft accounted for nearly 60% of all marine crime.
Yachting Boating World: Officers with the New South Wales Police Force are searching for the owner of FireFly. The yacht was found drifting off the state’s northern coast.
A man came across the yacht in shallow water at Samurai Beach. When he could not find anyone on board, he towed the vessel out to deeper water and anchored it.
The man then contacted Marine Rescue and Marine Area Command at around 3pm. The police believe that a 48-year-old man from Tasmania may have been residing on the FireFly.
A large scale search to find him started today, 18 May. It involved officers attached to Marine Area Command and Port Stephens Water Police, with assistance from Volunteer Marine Rescue, Surf Lifesaving, Westpac Rescue Helicopter and local police.
The search covered an area from Nelson Bay to Stockton Beach. It was suspended at 3pm local time and is expected to resume on 19 May.
“At 8am tomorrow (Thursday 19 May 2016), officers attached to Marine Area Command with assistance from Port Stephens Water Police will conduct a recovery search,” said a New South Wales Police Force spokesman.
“Due to conditions of the water, it is unlikely the 48-year-old man was able to survive,”continued the spokesman.
Detectives are continuing with inquiries regarding the FireFly. Officers believe the yacht may have been around Lemon Tree Passage on the morning of 17 May.