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Professional indemnity insurance

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  1. #1

    Join Date
    Aug 2008
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    706

    Professional indemnity insurance

    Can anyone recommend a broker who deals with this?

    Our current quote is ridiculous!

    Thanks for your help!


  2. #2

    Join Date
    Aug 2009
    Posts
    1,845

    What industry do you work in and what scope of services do you generally provide?

    Sent from my Galaxy Nexus using GeoClicks Mobile


  3. #3

    Join Date
    Mar 2007
    Location
    Gold Coast Marina
    Posts
    17,934

    Just saw this. The short answer is NO. I'm on my third broker. I think I have tried just about every company in HK that supplies this (that took about 5 minutes) and now am searching US and UK providers. Our Australian provider was fine last year, but we deregistered for GST in Australia this year and now they will not quote.

    I agree. It's UTTERLY ridiculous how much these quotes come in at. The only thing I have been told is that it's a small market and not many providers. Plus I think they are all hopeless at looking at the risks of anything even slightly out of the ordinary.

    But good luck. If you find anything come back and post, because I'm still looking. Shri had some ideas a while back, he might come on and post them......


  4. #4

    Join Date
    Mar 2012
    Location
    Tsuen Wan
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    3

    Well, some of the insurer in HK provide PI, such as Zurich, depend on what services are you providing


  5. #5

    Join Date
    Mar 2007
    Location
    Gold Coast Marina
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    Quote Originally Posted by JadeChan:
    Well, some of the insurer in HK provide PI, such as Zurich, depend on what services are you providing
    Indeed, but they charge 10 x what they charge in other markets for EXACTLY the same thing. That's the problem - you can get it - what you can't get is AFFORDABLE cover.

  6. #6

    Join Date
    Aug 2008
    Posts
    706

    Hi,

    Thanks for the replies. If nothing else it's good to know its not just us having this problem.

    If we find a good solution I'll post back here about it.

    bryant.english and MovingIn07 like this.

  7. #7

    Join Date
    Jul 2011
    Location
    Hong Kong
    Posts
    14

    The difference between HK and other countries is the size of the insurance market. Hong Kong's insurance market is small as we are restricted by space and the number of businesses registered here, whilst other countries have a larger number of businesses and therefore a larger market. With more policies in the market the insurers have a larger premium income and can spread the risk of any loss around the market more, thereby reducing premiums to each company.

    The premiums are based on your business, where you wish to do business, the sum insured you apply for, the deductible, claims history etc. Some risks are better than others, but it depends on the type of advice you provide.

    If you are just setting up your business here, the insurance company does not know who you are, and past business history, or you may have had a bad claim experience for the line of work you are in. I do not know what business you are in so cannot advise on that.

    In saying all the above, if you would like me to look for alternative quotations for you, with no obligations, then please do not hesitate to contact me.


  8. #8

    Join Date
    Mar 2007
    Location
    Gold Coast Marina
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    Although we are still waiting for our quotes from you Andrew!


  9. #9

    Join Date
    Jul 2011
    Location
    Hong Kong
    Posts
    14

    The quotes have been sent to you. I have received your reply and am now trying to rework as per your email.


  10. #10

    andrew - we're looking for PI too, can you help?


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