Hienfeld · compared independently · advice from Finass
Professional indemnity insurance through Hienfeld
Professional indemnity insurance covers pure financial loss caused by a mistake in advice, design or calculation. The form we use through Hienfeld suits practices with a technical or structural design risk.
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
<p>A professional indemnity insurance is not insurance for broken property or injured people. It covers pure financial loss: financial detriment that arises without anything being damaged. A structure calculated incorrectly, a mistake in a specification, a missed deadline, advice resting on incorrect assumptions. Property damage and injury belong on the public and employers' liability insurance.</p>
<p>We use this form of cover mainly where the mistake only becomes visible during construction and the loss falls on the client: engineering and design consultancies, building consultants, installation advice, testing and inspection. There the policy has to fit the general terms and conditions you use and the insurances running around the building itself.</p>
<p>As an independent adviser we are not tied to Hienfeld. What we compare is the description of the insured profession, the retroactive period, the sum insured per claim and per year, and the treatment of advisers hired in. A service provider with a different profile may be better served by the form we use through Hiscox.</p>
The structure of the cover in three parts, with an overview per situation below.
Basic cover
The basic cover insures the essentials. We show what Hienfeld and other insurers offer here.
Retroactive cover (prior risk)
Incorrect advice or calculation
Negligence or omission
Defence costs when a claim is made
Extended cover
On top of that to professional errors, also statutory interest, retroactive cover and errors by employees.
Agency workers, interns & volunteers
Retroactive cover (prior risk)
Errors by employees
Loss of documents
Complete package
The most complete cover. We compare Hienfeld's extended versions with the market.
Claims by third parties
Defence & legal costs
Retroactive cover (prior risk)
Higher sums insured
What is covered
Situation
AVB
BAV
Cyber
Injury to a visitor or customer
Yes
No
No
Damage to a client's property
Provided it is declared
No
No
Financial loss caused by an advisory or calculation error
No
Yes
No
Downtime after a ransomware attack
No
No
Yes
Data breach involving personal data
No
Provided it is declared
Yes
Damage to property in your care
No
No
No
What we do
What we do
At Finass
Direct with Hienfeld
Comparison across several insurers
Yes
No
Advice based on your own situation
Yes
Sometimes
One point of contact for claims
Yes
Sometimes
Cancellation with your current insurer arranged
Yes
No
We determine whether Hienfeld is the best choice
Yes
No
Advice fees for you as a customer
No
No
This overview concerns our service, not the cover. What is actually covered is set out in the policy conditions and on the insurer's insurance card (verzekeringskaart); you receive both before you take out cover.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
Financial loss, not property damage or injury
The dividing line is sharp. If you calculate a floor too lightly and it has to be strengthened before anything happens, that is financial loss and you are in the right place here. If the floor collapses and someone is injured, that is injury and property damage and it is assessed under Articles 6:162 and 6:170 DCC on public and employers' liability insurance. Without both covers, a gap opens up on exactly that line.
The fit with your general terms and conditions
Design and advisory practices usually work with terms limiting liability, for example to the amount of the fee. An insurer counts on that. If you accept more in a contract than the law makes you liable for, or give a guarantee or a promise as to the result, that is contractual liability and it is excluded. Have unusual contract clauses assessed in advance.
Retroactive cover, run-off cover and the moment of the claim
The policy works on the basis of the claim: the claim must be made during the term, even if the mistake was made years earlier. That requires retroactive cover, with a start date going back far enough. Circumstances you already knew about at the start are always excluded. Report a claim or a threatened claim without undue delay. That follows from Article 7:941 DCC.
Advisers engaged and putting your own work right
If you outsource a calculation or part of a design, you remain responsible towards your client; through Article 6:171 of the Dutch Civil Code the mistake of a party you engaged can land with you. Check that their liability is insured. What the policy does never pay for is redoing your own work: putting your design right, repaying fees and any fines or penalty payments remain for your own account.
Retroactive cover (prior risk)
Retroactive cover (prior risk) Included for your staff during work.
Defence & legal costs
What does your premium depend on?
Discipline and type of project. Structural design, installation advice and inspection work each carry a different risk of consequential loss.
Annual turnover from advisory assignments. Turnover is the usual basis for calculation. The share of large projects counts separately alongside it.
Sum insured per claim and per year. A client often requires a minimum. The annual limit determines how many claims fit within it.
Retroactive period chosen. The further back the retroactive date, the more old work falls within the cover and the higher the premium.
Excess per claim. A higher excess keeps small complaints outside the policy and brings the rate down.
Area of operation and applicable law. Assignments and buildings outside the Netherlands call for an extension of territory and jurisdiction.
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)?
Public and employers' liability insurance covers damage to property and to people: a device knocked over, injury on a building site. Professional indemnity insurance covers financial detriment without anything being broken: a calculation error, wrong advice, a missed deadline. Anyone who both carries out work and advises needs both, otherwise a gap opens up on exactly the line between the two.
Am I covered for work from before the start date?
Only with retroactive cover. The policy looks at the moment the claim is made, not at the moment of the mistake. Without retroactive cover, everything you designed or advised on earlier remains uninsured. Circumstances that you already knew at the start could give rise to a claim are excluded in any event. You must disclose those when you apply.
Does the policy cover contractual penalties and guarantees?
No. What is insured is liability arising from the law. If you include a penalty clause, a guarantee or an obligation as to result in an agreement that goes further, that excess falls outside the cover. The same applies to penalty payments and to repaying your fee. So have unusual contract terms assessed in advance.
Why compare if Hienfeld offers this product?
Because the differences between providers are in the detail: the description of the insured profession, the retroactive period, the treatment of third parties engaged and the limit for defence costs. We set those side by side and assess which form fits the assignments you take on. For service providers in IT or communications, the form we use through Hiscox be more suitable.
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.
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