PI and Risk

Disputation in the Australian building and construction market is out of control with insurers facing staggering loss ratios on professional indemnity insurance, which results in accessibility and affordability issues for our members.

If you are struggling with your PI coverage, talk to Planned Cover. Our work with the Insurance Council of Australia is a key aspect of our advocacy on PI and risk, as is our partnership with nPlan.

Talk to Planned Cover

Planned Cover assists its clients to understand and manage their professional risks through more than just an insurance policy. Planned Cover’s main objective is to provide all professionals with access to a comprehensive package of tailored services.

To ensure your business is in the best place at renewal of your PI Insurance remember to:

Use standard contracts with good risk profile and capped liability

Show your team understands risk through training and tools

Use a specialist broker that understands our industry

nPlan - our risk partner

Stop disputes from occurring in the first place with the help of an AI trained on over 700,000 past programmes

Consult Australia has partnered with nPlan because we believe that technology can help our members ‘look into the future’ of their projects and take action to ensure that disputes never happen in the first place.

How does it work? nPlan uses large volumes of past project data (it has 740,000 historical programmes in its dataset) to train an AI in forecasting project outcomes and identifying the planned activities most at risk of delay.

nPlan’s process nullifies the human biases which typically frustrate attempts to forecast major projects and deliver them on time and budget, and has already worked with the likes of Infrastructure New South Wales, Rail Projects Victoria, and BHP here in Australia. Contact Toby Buchanan (toby@nplan.io) to find out how you can get nPlan involved with your next project - and take a proactive approach to avoiding having to call your insurer…