professional.electrical engineering insurance reviews

[Natfuelbilll]

professional.electrical engineering insurance reviews or recomnendations

 

[Ingenieur]

I always look for the best rate with 2 conditions
they must cover my work for the timeframe I was insured for 5 years after coverage lapsed (for any reason, dropped insurance, changed carrier, etc.)
they pay for an attorney of my choosing

 

[Natfuelbilll]

Excellent. Thank you

 

[RumRunner]

professional.electrical engineering insurance reviews or recomnendations

Professional Engineer certification is administered on a state by state level. This applies to (mostly) all engineering discipline.

You did not indicate where you are located.

However, it doesn't matter where you practice your profession. . . you need to register to a state that you intend to practice outside your residence.
It could be possible that certain state has reciprocity with your home state.

Having said that, liability insurance for professional is not a “cookie cutter” transaction-- totally different from automobile insurance.

Insurance companies may require higher premiums than others, depending on where you set up shop. You'd pay higher premium in Beverly Hills than in other inner cities for example.

In terms of insurance reviews, you will hardly find such reviews ( if you ever find one). One reason is; most “blue chip” corporation don't bother dealing with insurance carriers. They are mostly self insured. If you were hired as a resident engineer for a big corporation, it is a part of fringe benefit offered in the course of the hiring process.

It is because of this arrangement that you won't find reviews. Besides, if there were some lawsuits, where an electrical engineer is the defendant for say error or omission, a lot of these cases are settled out of court and the case is sealed without admitting fault. So another way of keeping this out of public view.

You have the option of buying your own insurance even though you are covered by your employer because you can still be named in a lawsuit and be held accountable if you had your professional seal on a plan or specs even if your employer closed the business.

It's a tricky one but the above is just a heads up.

Good luck.

 

[Natfuelbilll]

Thank you for the response.

Currently registered in NY and working (W2 employee) for a.NJ electrical contractor that is doing work in NYC.

The envisioned arrangement is the contractor reimbursing me for the insurance premium cost for insurance that I purchase in exchange for employment and my reviewing/designing/stamping the contractor's drawings.

Are there insurance companies that will cover an individual?

One company that I contacted only cover contracted 1099 services.

Any advice is welcomed.

 

[gadfly56]

Thank you for the response.

Currently registered in NY and working (W2 employee) for a.NJ electrical contractor that is doing work in NYC.

The envisioned arrangement is the contractor reimbursing me for the insurance premium cost for insurance that I purchase in exchange for employment and my reviewing/designing/stamping the contractor's drawings.

Are there insurance companies that will cover an individual?

One company that I contacted only cover contracted 1099 services.

Any advice is welcomed.

Please be careful if you are signing and sealing drawings in NY. I found out (not the hard way) that only solitary engineers or engineering firms can sign and seal drawings in that state. To be a qualified engineering firm, the CEO, CFO, Treasurer, etc ALL have to be engineers licensed in NY state. You can't work for an electrical contractor as his/her employee and s/s drawings for that firm.

Very important is what Ingenieur mentioned, and that's completed work coverage. This is a year-by-year conversation you will need to have with your agent. Jobs completed last year are the ones most likely to have problems pop up. As the jobs age, they become less and less likely to be the source of a claim. You and your agent will need to decide how old is old enough to ignore and whether an exceptionally complex job might need to be accounted for past what might be considered your risk horizon.

 

[Ingenieur]

Most states require you have a business entity in the state to do engineering
and it must be licensed
even if you are the only employee
they require insurance, etc
in WV it's called a Certificate of Authorization
I set up an llc for side work
in PA only the president needs licensed, not the cfo, etc
you can get insurance for a sole proprietorship

imo you want the company insured and you listed as one of the covered professionals
imo what you are proposing is a big risk
I could see the contractor leaving you hanging

talk to the state board
a few e&o providers
and possibly a lawyer that handles professional liability cases

 

[Natfuelbilll]

Thank you for the responses..

The rubber meets the road here.
http://www.op.nysed.gov/prof/pels/peguide.htm

It appears the PE lobbyists hit a home run for the engineerig field.