Written by The Insights Team on 07 Jun 2017
In conjunction with Arthur J. Gallagher and Hiscox, we have relaunched our Associate Liability Insurance Scheme to provide associates with professional indemnity, public and employers liability insurance.
This insurance scheme has been specially designed to meet the needs of Associates undertaking work for Momenta.
However, in addition all work declared in the application form will be covered and therefore the scheme is not restricted to consultants working as Associates for Momenta or Momenta’s contracts.
Offering competitive monthly premiums, it also provides wide insurance cover for you should a client allege professional negligence or that you have legal liability to a third party for injury or damage.
What are the details?
• Highly competitive premium rates: premiums are from as low as £240 for professional indemnity and public liability.
• Meets the specific requirements of our clients.
• Also meets Momenta's internal vetting requirements as the documentation review process is quicker.
• Underwritten by Hiscox Underwriting Ltd, recognised as a leading insurer for these classes of insurance.
• Simple application process with cover and documentation quickly available from Hiscox - (subject to satisfactory completion of the application process).
• Run off cover is automatically provided for three years after the policy expires so cover does not need to continue to be purchased for years after work declared on the application is completed. This unique aspect of the professional indemnity cover will be particularly useful for limited period contracts as Associates will continue to provide protected against claims arising after you have finished a particular role.
• Plan has been exclusively developed for Momenta associates and arranged by ArthurJ. Gallagher Insurance Brokers.
Why do you need Liability Insurance?
There are two principal reasons why an associate will need to maintain liability insurance:
Clients will require evidence that contractors supplying professional services are adequately insured; and contractors themselves will want to make sure that their potential liability for causing bodily injury, property damage of financial loss to third parties is protected.
Professional indemnity insurance covers contractors for compensation they have to pay to clients or third parties because of problems with work, including compensatory damages and claimants costs awarded against them.
Public liability insurance provides an indemnity against liability for causing damage of bodily injury to a third party or their property. An example would be if a contractor injured someone whilst in the course of business or damaged the property of a client.
If you are new to contracting
If you are a limited company you are required to have Pl insurance before we, or our clients, will contract you. If you are working via an umbrella company, it is likely you will receive automatic professional indemnity and business liability cover as soon as you sign up but it is sensible to check this.
If you have a policy with another insurer
If you have taken a policy with another insurance provider check your premium and cover. You can consider moving to the Momenta Associate Liability Insurance Scheme at your annual renewal date.
Find out more
To find out more about the Momenta Associate Liability Insurance Scheme - and access product guidance, immediate cover and documentation - please click here.
About Arthur J. Gallagher
Arthur J. Gallagher is one of the world's largest insurance brokerage and risk management companies. Its international reach ensures it can offer client service capabilities in more than 150 countries. Catering for business needs from more than 50 locations across the UK its services include programmes for complex multi-nationals and small, single territory firms and broker services. It has worked with Momenta and Hiscox to design and develop
this facility for Momenta's Associates. Hiscox is the sole provider of this facility and have been chosen because they are one of the leading Professional Indemnity and package insurers.
Momenta is an appointed representative of Arthur J. Gallagher Insurance Brokers Limited which is authorised and regulated by the Financial Conduct Authority. Registered Office: Spectrum Building, 7th Floor, 55 Blythswood Street, Glasgow, G2 7AT. Registered in Scotland. Company Number: SC108909. www.ajginternational.com