Professional indemnity insurance (BAV) through Allianz
With a professional error nothing is broken and nobody is hurt: there is only a client who loses money because you made a mistake, and that is precisely the type of loss your public and employers' liability insurance (AVB) excludes.
The calculator and the quote form below are in Dutch. Prefer to do this in English? Email info@finassverzekert. nl or call 072 - 509 24 56 and we will take it from there.
Work out for yourself what it would cost.
Enter your details; you will receive a proposal within one working day.
We compare the offerings of several insurers
An adviser checks whether the cover suits your activities
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
Professional indemnity insurance (BAV) covers pure financial loss: financial detriment that arises without property damage or injury. Think of an incorrect calculation, a missed deadline, advice that fell short or a design that did not meet the standard. The legal basis is the failure to perform the engagement and the duty of care of a reasonably competent and reasonably acting professional.
Unlike the AVB, this product almost always operates on a claims-madebasis: what matters is the moment the claim reaches you and is notified, not the moment you made the mistake. That makes prior acts cover and run-off cover the key points in every quotation. Without prior-acts cover, work done before the start date remains uninsured. Without run-off cover, the cover stops when the policy ends.
We compare on those two points, on the description of your insured capacity and on whether repair costs and liability arising from guarantees are excluded. See also our page on professional indemnity insurance.
Professional indemnity insurance through Allianz: what is covered?
The structure of the cover in three parts, with an overview per situation below.
Our role
Independent
We are not tied to any single company.
Several providers compared
Advice follows your situation
AFM licence 12016589
When taking out cover
What we do
From assessment to policy.
Matching cover to your work
Conditions side by side
Switching, including cancellation
After that
In the event of a claim
What really matters.
Notification and guidance
Assessing a rejection
Objection where necessary
What is covered
What we look at
Explanation
Does the cover suit your activities
Yes
Sum insured and excess
Yes
Exclusions and clauses
Yes
Fit with your other policies
Yes
Premium in relation to the conditions
Yes
Comparing on premium alone
No
This overview is general in nature and is not personal advice. What is actually covered, including exclusions, limits and the excess, is set out in the policy conditions and the insurance card (verzekeringskaart) of the insurer; you receive both before you take out cover. Taking out cover without advice? Then read what execution only means for you.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
Claims made makes the date of notification decisive
If your client notifies a mistake from an earlier project during the current year, there is cover only if your policy has prior acts cover going back to before that date. If you switch insurer, the retroactive date on the new policy must join up with the start date of the old one. If a gap appears there, that work falls between two stools. Article 7:941 DCC also requires you to notify a claim as soon as possible.
Your insured capacity determines what counts as a professional error
The policy covers errors within the insured capacitydescribed on the policy schedule. If you expand from drawing work to construction supervision, from bookkeeping to tax advice or from installation to engineering, that new work is not automatically included. With this product that description is the most common reason for a claim being declined, and it is at the same time the easiest thing to put right: a message to us is enough to have it amended.
Known circumstances and the duty of disclosure
If you already knew when taking out the policy about a file that was in danger of going wrong, that is a circumstance you must report. Article 7:928 DCC sets out that duty of disclosure and Article 7:930 DCC governs what happens if it has been breached: the insurer may reduce or refuse payment. So report borderline cases to us as a circumstance, even if there is no claim yet.
What is not reimbursed
Excluded are redoing your own work and the fee you have to repay, liability arising solely from a a guarantee or penalty clause that goes further than the law, and intent or wilful recklessness, which is dealt with in Article 7:952 DCC. Property damage and injury do not belong here but on the public and employers' liability insurance. Fines imposed by regulators also remain outside the cover.
What does your premium depend on?
Profession and type of work. Structural calculations, tax advice and construction supervision have a different claims frequency from drawing work on site.
Annual turnover from advisory hours. Turnover from work in the insured capacity is the usual basis of calculation for this product.
Length of the retroactive period. The further back the retroactive date runs, the more old projects fall within the cover and the higher the premium.
Sum insured per claim and per year. Alongside the amount per claim, the annual maximum counts, and that is the first limit to bite in series claims.
General terms and conditions used. A workable limitation of liability in your terms of business noticeably reduces the expected claims burden.
Area of operation and applicable law. Work outside the Netherlands brings other law and other concepts of loss than the policy assumes as standard.
Insurers weigh these details differently. That is where your saving is.
How we arrange it
You request a quoteWe take stock of your activities, turnover and wishes.
We compareseveral insurers, on premium as well as conditions.
You receive a proposalWith an explanation of the differences and the exclusions.
We arrange the switchIncluding cancellation, so there is no gap in cover.
Customers rate our service on four aspects: personal service, service delivery, availability and the outcome. The reviews are collected and published by NH1816 and come from customers who have actually taken out a policy with Finass Advies B.V. or reported a claim.
What is the difference from public and employers' liability insurance (AVB)?
The AVB covers damage to property and to people. The BAV covers financial loss without anything being broken or anyone being hurt. If your fitter drops a machine, that is AVB. If your engineer designs a structure too light and the work has to be altered, that is BAV. Anyone who both carries out work and advises needs both policies.
I am closing my business. Does my cover then end?
With claims made, cover stops on the end date, while claims about old work can still come in afterwards. Run-off cover exists for that purpose, allowing claims relating to the insured period to be handled for a further number of years. Arrange it before the policy ends: buying it afterwards is usually no longer possible, or considerably more expensive.
I suspect a mistake but there is no claim yet. What do I do?
Report it to us as a circumstance. A circumstance reported in time is allocated to the policy year in which you reported it, even if the claim only arrives years later. Without that notification, a later claim can fall outside the cover because you were aware of the circumstance at renewal or when switching. A notification is not an admission of liability and usually has no effect on the premium.
Will the insurer pay the cost of redoing my work?
No. The cost of repairing, altering or redoing your own performance is excluded, as is repaying your fee. What is covered is the further loss your client suffers: delay costs of third parties, extra material, lost income in so far as it is attributable to your mistake. Defending an unfounded claim also falls under the policy.
Finass Verzekert is a trading name of Finass Advies B.V. We advise on and arrange non-life insurance on the basis of an objective analysis of several insurers, and receive commission for this from the insurer, which is included in the premium. You pay no separate advice fee. Before you take out cover, we establish your wishes and needs.
You will find our licence, KvK and Kifid details and our complaints procedure at the foot of every page.
