Investopedia defines Liability Insurance as “any type of insurance policy that protects an individual or business from the risk that they may be sued and held legally liable for something such as malpractice, injury or negligence.”
Liability Insurance policies cover both legal costs and the compensation payments for which the insured would be responsible if found legally liable. Intentional damage and contractual liabilities are typically not covered in these types of policies.
In a recent case, a client of a Land Surveying Company suffered a financial loss as a consequence of a Subdivision Consent expiring before the work was completed. It was agreed that the loss had occurred as a consequence of a system error in the Surveyors Office. Experts were called in to assess the loss. This was done by valuing the property as it stood now versus what it would have been worth if the Subdivision had been completed. In most cases the 2 sides calculate this amount differently so there are usually 2 amounts set down. To avoid costly court battles a negotiation takes place to arrive at an amount that can be agreed upon which is somewhere in the middle region between the 2 extremes. Once that final amount has been agreed upon, settlement by the insurer normally takes place soon after.
For this reason, LPMS offers a substantial suite of business and companion liability insurance plans covering
- Professional Indemnity Cover
- Statutory Liability Cover
- Public Liability Cover
- Employment Practices Liability Cover
- Employers Liability Cover
- Directors and Officers Liability Cover
- Cyber Liability Cover
All of these companion liability insurance plans are available to members who have the standard Professional Indemnity Liability Cover. As add-on policies the costs are quite reasonable.
Learn more about these specific plans on our insurance products page.
If you would like to take advantage of these policies, you can apply to become a member of LPMS.
LPMS offers Professional Indemnity Insurance (and other insurance products) to Valuers, Land Surveyors and Quantity Surveyors who are members. If you are interested in becoming an LPMS member to take advantage of this, read more about the benefits of membership, contact us today or apply online to become a member.