The Association for Consulting and Engineering has this week launched a new professional indemnity insurance scheme for its members.
After a nine-month review it has appointed a panel of three insurance providers comprising Griffiths and Armour, Heath Lambert and Willis in order to provide a cost-effective service.
Previously, ACE had a scheme with just one provider, Griffiths and Armour, which meant many of ACE's members were taking on PI schemes through brokers that had not necessarily been vetted.
ACE set up a committee of six to appoint three PI providers. The committee was led by former ACE chairman David Upton and included representatives from WSP, Faber Maunsell, Buro Happold, Royal Haskoning and Upton McGougan. It will meet the panel twice a year.
Nelson Ogunshakin, ACE chief executive, said: "This gives assurance to our members that they are using reputable organisations. The other driver was a new European directive that pushed for good PI cover. In Australia after the Olympics the market crashed because it could not provide insurance cover and we want to avoid that."
This gives assurance to our members they are using reputable firms
Nelson Ogunshakin, ACE chief executive
ACE is also launching a campaign to change legislation so that financial liability is capped. It has already received the backing of undisclosed MPs approached by ACE and its members.
"The process will be tortuous but it is do-able," says Ogunshakin.