Run off insurance cover for Arch Tech

dee75

Does anyone know if there is a minimum requirement for run-off P.I. insurance?

A friend is an Architectural Technician and he is ceasing to trade this month. He checked with the RIAI and they recommended six years run-off cover.

He thinks this will probably be very expensive considering there is no income coming in.

Do architectural technicians usually follow the RIAI recommendation on this? Is six years cover standard? Any idea what it costs, and does it reduce each year (assuming there are no claims)?

Is it really necessary to buy run-off cover?

Any guidance would be much appreciated.

BryanF

first off imho all arch tech’s should say #%^* off to the riai

But

IMHO If the arch tech is a sole trader, any tender or construction drawings should be considered as requiring 6 years PI cover

Metric Tensor

6 years is the statute of limitations - I think that guides the recommended time.

It will decrease for each year of the six if that's any help due to the lower amount of claims that can present with each passing year.