personal indemnity insurance

esperanza

I think this is the name given to the insurance one uses if you cause an accident as a pedestrian or a cyclist for example. my bank said I can combine it with contents insurance. I've never taken such an insurance out before and wondering if it's really worth it (I'm a very cautious pedestrian and cyclist).

The Corinthian

Is this as a private individual? You should take out volcano insurance too while you're at it TBH.

Reyman

esperanza wrote:

I think this is the name given to the insurance one uses if you cause an accident as a pedestrian or a cyclist for example. my bank said I can combine it with contents insurance. I've never taken such an insurance out before and wondering if it's really worth it (I'm a very cautious pedestrian and cyclist).

Wrong I'm afraid!

What you're talking about is public liability insurance.

Professional Indemnity insurance protects you against being sued for negligence while carrying out your work. PII is very expensive. Surgeons pay huge premiums!

gonk

esperanza wrote:

I think this is the name given to the insurance one uses if you cause an accident as a pedestrian or a cyclist for example. my bank said I can combine it with contents insurance. I've never taken such an insurance out before and wondering if it's really worth it (I'm a very cautious pedestrian and cyclist).

As your bank has said, this type of cover is very commonly included in house insurance (whether the policy covers both buildings & contents, or contents only). Whether or not you should take it out just because you want to be protected against the risk of being sued by someone you crash into on your push bike is doubtful.

Generally speaking, someone will only sue you for damages if you have the resources to pay the resulting claim if they succeed. There's no point taking a costly legal action and winning in principle, if one can't in the end recover one's costs and damages. If you have no other significant assets which you wish to protect by having this type of cover, it could be argued that being insured for personal liability would in fact make you more likely to be sued, on the basis that the insurer would eventually have to pay up, if the claim succeeded.

Sonnenblumen

esperanza wrote:

I think this is the name given to the insurance one uses if you cause an accident as a pedestrian or a cyclist for example. my bank said I can combine it with contents insurance. I've never taken such an insurance out before and wondering if it's really worth it (I'm a very cautious pedestrian and cyclist).

Public Liability (Third Party) insurance is quite common in Europe, for example in Germany, it is almost compulsory (high incidence of claims) to have 'Haftphlicht Versicherung' which protects you in the event of accidental damage casued by you/children to a neighbours property. Imagine talking to your neighbour at your entrance when innocently your daughter accidently brushes her ice against the neighbour's new fur coat. You can be certain your neighbour will make claim for cleaning/replacement (if cleaning is not possible).

Public Liability is contained within standard domestice policies but does not extend beyond property boundaries. This should not be confused with Public Liability insurance which a company erquires to protect against claims arising from accidents/damage at work sites. Employer liablity is for claims arising from employees. Professional Liability is protection against claims from clients.

gonk

Sonnenblumen wrote:

Public Liability is contained within standard domestice policies but does not extend beyond property boundaries.

This is not the case. For example, my current house insurance policy with Bank of Ireland Insurance Services gives me cover for my personal liability for injury or damage I cause of up to €1,270,000. There is a number of exclusions, such as damage or injury cause while driving, shooting or boating - but cycling definitely is covered. Similar cover was standard in every house insurance policy I've had and is not limited to injury or damage caused while on the insured property - I'm covered worldwide.

Sonnenblumen

gonk wrote:

This is not the case. For example, my current house insurance policy with Bank of Ireland Insurance Services gives me cover for my personal liability for injury or damage I cause of up to €1,270,000. QUOTE]

= public liability

gonk wrote:

There is a number of exclusions, such as damage or injury cause while driving, shooting or boating - but cycling definitely is covered. .

= off site activities

gonk wrote:

Similar cover was standard in every house insurance policy I've had and is not limited to injury or damage caused while on the insured property - I'm covered worldwide.

Not sure what point you're trying to make, you use to have a comprehesive insurance cover but now you have limited cover??

Sarsfield

So does normal home contents insurance cover me against a visitor (friend/sales rep/tradesperson etc.) tripping over the vaccuum cleaner flex and breaking their arm for example?

gonk

Sarsfield wrote:

So does normal home contents insurance cover me against a visitor (friend/sales rep/tradesperson etc.) tripping over the vaccuum cleaner flex and breaking their arm for example?

Yes.

gonk

Sonnenblumen wrote:

Not sure what point you're trying to make?

The point I'm making is that contrary to your earlier assertion, the type of personal liability cover usually included in Irish house insurance is not limited to injuries or damage caused in or on the insured premises, but has no geographic limits.

In other words, in your example, if I damaged someone's expensive fur coat on the street with my ice pop, my house insurance policy would cover me for a damages claim.

The exceptions to cover I gave as examples are not excluded because they take place off site, but because the insurer sees them as high risk and declines to offer cover. On the other hand, coming back to the OP's query, cycling, for example, is covered anywhere - not just on the insured property.

vector

gonk wrote:

...In other words, in your example, if I damaged someone's expensive fur coat on the street with my ice pop, my house insurance policy would cover me for a damages claim...

sounds amazing, however is house insurance like car insurance... whereby if you do claim next years premium skyrockets

gonk

vector wrote:

however is house insurance like car insurance... whereby if you do claim next years premium skyrockets

No, generally not. I have had a few claims over the years. Biggest was for €3,000 when pipes leaked in the attic. No effect on the following year's premium. However, most companies when you are filling out a proposal form for a new policy ask if you have had claims in the past three years on other policies. So, it may affect your premium if you want to switch insurers.