Architects and engineers professional indemnity
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Why is insurance needed?
Every Professional assumes responsibilities that may cause damage. Any mistakes or omissions are human frailties that always exist and weigh. “I know my job well” or “I have never had the slightest problem”, are not serious arguments for a modern professional.
Possible compensation claims against an Engineer can be “unwieldy” in relation to his remuneration, especially in case of bodily injury / death where claims for direct and collateral financial damages (loss of income, moral damage, mental anguish) can be large.
Business ethics change and the Engineer may even be blamed for errors or omissions he did not commit. It is certain that the assignment of service is based on some relationship of trust and recognition. However, if something “goes wrong” and the Employer is harmed, the mistake or omission is not easily forgiven.
Modern developments require Professional Liability insurance as a presumption of reliability – a guarantee of the services provided. They all claim to provide quality services. Quality is subjective and anyone can claim to provide it. However, the insurance “guarantee” that a Third Party will pay for any financial consequences due to a mistake or omission of the Professional, is something different.
It is no coincidence that Professional Liability Insurance is a standard practice in all advanced countries of the world. It is also obvious that any developments within the EU are not about the obligation to “adapt” the French, German or Dutch to the mentality of the Greek or Bulgarian Engineer.
The modern Engineer needs legal & financial protection to carry out his activity without additional stress for any mistakes or omissions. He needs Professional Liability Insurance, a reliable professional “tool” that, without being expensive, is a fixed operating expense. The need for its adoption is even more important in a period of economic crisis where money is “hard to find and expensive. We must not forget that in financially difficult times, people do not easily forgive mistakes or omissions of others that harm them financially.