Efficacy Insurance

uksparks · Feb 1, 2016

Hi,

Just about to renew my insurance, for PL and PI and Tools.

I am currently with Ageas via the NICEIC, and with the above, i also get £100k of Efficacy Cover.

The current policy is £690 per year, and the new company, via simply business, works out at £390 a year, so quite a big difference.

Both are exactly the same:

£5m Public Liability
£250k Professional Imdemnity
£10k Tool Cover
£100k Legal Cover

The only difference between them is the new policy does not have Efficacy Cover which at the minute is currently 15% of annual turnover max of £100k.

What do you think? Do I need it?

davesparks · Feb 1, 2016

When I used niceic insurance they used towergate riskline and they did Thame cover for two of us for £390 for the year.

Efficacy cover basically insures you against something like a smoke alarm or burglar alarm system you install not performing as it should when required.
So if you ever install alarms then it's worth considering

uksparks · Feb 1, 2016

Hi Dave,

I had a feeling it was that, I would doubt that any blame could come back to you if a smoke alarm doesn't perform, surely if its tested when installed and working, its not your problem if it packs up. You can hardly blame the installer if it breaks 6 months down the line.

I do frequently install alarm systems, these are all strictly sold as a "YOU ARE RESPONSIBLE FOR IT" basis. They have the user, engineer and manager code for all. Again, they could fiddle with it.

I accept what you are saying but not sure if its going to benefit me really.