ACE addresses the issues of professional-indemnity insurance
ACE, the Association for consultancy & Engineering, has launched a new professional-indemnity insurance scheme. It was developed after listening to members’ concerns about the increasing use of PI insurance and conducting a major review of the current market and providers. Nelson Ogunshakin, the chief executive of ACE, explains, ‘When consultancy firms consistently highlight the increasing cost of PI insurance as a major business concern, ACE not only needs to sit up and listen, we need to take action. We have listened, and we have acted. The result is the new ACE PI insurance scheme.’ The new scheme has a panel of three leading insurance brokers (Griffiths & Armour, Heath Lambert Group and Willis). They will all work to an agreed set of minimum standards and have given a commitment to place members’ risk with reputable insurance and provide superior levels of service. Nelson Ogunshakin says that the new scheme is part of a wider ACE strategy to address the increasing cost of PI insurance: ‘We are also campaigning to reform the law in relation to liability and providing support to members in terms of risk management, including educating members to agree capping in their contractual arrangements with clients. Addressing the insurance market, its products as well as providers, is a significant first step in our overall campaign.