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Structural Engineer Insurance

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Structural engineer insurance

Structural engineering commercial insurance NZ

Structural engineer insurance is a specialized type of insurance that provides coverage to structural engineers against potential risks and liabilities they may encounter in their professional practice. This insurance protects engineers from financial losses that might arise due to mistakes, accidents, or unforeseen incidents related to their work, like design errors or construction oversight.

Why is structural engineers insurance important? 

Structural engineering projects bear significant responsibility. They’re about creating structures that people use daily – buildings, bridges, and more. A minor mistake or oversight could lead to huge damages or even threaten lives. Structural engineer insurance acts as a safeguard, protecting engineers from the heavy financial implications of such incidents and ensuring that any affected parties are compensated accordingly.

In New Zealand, the average cost of structural engineers insurance typically ranges between $300 – $600 per month. 

It’s crucial to have structural engineering coverage if your business:

  • Handles major construction projects.
  • Provides consultation on structural design.
  • Engages in civil infrastructure planning.
  • Operates in high-risk zones or terrains

What insurance covers are typically included in structural engineering insurance? 

Structural Engineer Professional Indemnity

Professional indemnity insurance for structural engineers provides coverage against claims of negligence, mistakes, or omissions in the services a structural engineer delivers. This insurance helps protect structural engineer professionals from potential legal costs and damages awarded to a client if their advice or service is found to have caused a financial loss.

Best For
  • Negligence claims 
  • Errors & Omissions 
  • Professional mistakes 

Public Liability

This policy covers common business risks including bodily injuries, customer property damage, and advertising injuries. Structural engineer’s liability is required for most commercial projects. 

Best For
  • Business Accident Coverage
  • Third-party Damages
  • Legal Cost Protection

Statutory Liability

This cover is a type of protection that helps engineers cover costs if they accidentally break certain laws or regulations.

Best For
  • Unintentional breaches protection
  • Legal costs
  • Fines and penalties

Management Liability

Management liability insurance in NZ shields structural engineering company leaders from legal and financial risks due to their managerial responsibilities.

Best For
  • Directors liability 
  • Employment disputes
  • Legal defence

Cyber Insurance

Insurance that helps protect structural engineering businesses from financial losses caused by cyber-related incidents, like data breaches and computer attacks.

Best For
  • Ransomware attacks
  • Phishing scams 
  • Cyber extortion 

Business Contents Insurance

Business contents insurance in NZ is for protecting all the important stuff inside a structural engineering business. If there’s a problem or accident, the insurance can help with the expenses.

Best For
  • Accidents 
  • Floods
  • Fires

Business Vehicle Insurance

Protects vehicles used for work purposes. It covers accidents, damages, and injuries related to the vehicle while it’s being used for business and personal activities.

Best For
  • Repair costs
  • Third party damages
  • Injuries 

How much does structural engineering insurance cost?

Structural engineers insurance premiums are calculated on several different factors including:

  • Types of cover
  • Turnover
  • Location 
  • Claims History 

Structural engineering insurance in NZ typically costs between $300 to $600 per month

Who needs structural engineering insurance?

Any professional operating in the structural engineering domain in NZ should consider obtaining this insurance. This includes:

  • Independent structural engineers
  • Engineering firms
  • Contractors involved in design and build projects
  • Consultants offering advice on structural matters

Structural engineer insurance isn’t a legal requirement in NZ, but it might be a contractual necessity for some projects. Moreover, having this insurance offers protection against potential financial losses, ensuring peace of mind for both engineers and their clients.

Yes, structural engineers insurance typically includes public liability insurance which covers damage to third parties whilst on site. If the damage occurs due a fault in the design then your structural engineering professional indemnity insurance would step in.  

How do I get a structural engineering insurance quote? 

We understand the unique needs of structural engineers in New Zealand. Leveraging our extensive industry knowledge and partnerships, we provide comprehensive structural engineering insurance quotes from the top insurers in the country and globally. Entrust us with your requirements, and we’ll ensure you receive the most competitive and tailored coverage options available.

To obtain a structural engineers insurance quote we may require you to provide some fundamental details about your business, such as:

  • The name of your business
  • The total number of employees
  • Predicted annual income
  • Years of experience in the industry

How do I get proof of structural engineers insurance?

You can usually get proof of structural engineers insurance same day when you purchase insurance through Gerrards.

Acquiring a structural engineering insurance certificate from traditional insurance brokers may require a few weeks, a delay that could create problems for policyholders who need instant insurance proof for an imminent contract or project.

To obtain insurance coverage promptly, contact one of our structural engineering insurance brokers. 

What does structural engineers insurance not cover?

Contractual Liabilities

Liabilities that arise out of certain contract terms, which might be beyond the standard professional duties, are typically not covered.

Pollution and Environmental Damage

Damages to the environment due to project work, unless explicitly covered, might be excluded.

Uninsured Acts

Specific actions or areas of work that aren’t mentioned in your policy may not be covered.

Other common questions about structural engineers insurance

Even if you’re just starting, the risks remain. A single lawsuit or claim can be devastating for a newcomer. It’s always safer to have coverage from the beginning.

Many policies are territorial, covering only services rendered within NZ. If you’re working internationally, discuss with your broker about adding global coverage.

Some policies might offer “retroactive coverage” which covers past work, but it’s crucial to confirm this and understand its extent.

Consider “run-off” coverage which protects retired professionals against claims that arise after they’ve stopped practicing but are linked to their past work.

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