Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.


13 posts

Geek


Topic # 84742 7-Jun-2011 15:46
Send private message

After reading some articles and wordings of insurance, as an IT contractor, I understand this means the insurance doesnt cover me for when a situation may occur, but when it is claimed on. WHOAH !

So in essence I would need to take the insurance forever, but then I read wording about run off insurance.

Is anyone familiar with this insurance and can explain how to go about it if you are only taking on a short term contract? Not looking for legal advice, just what the general practise involves.

Create new topic
6434 posts

Uber Geek
+1 received by user: 1571


  Reply # 478585 7-Jun-2011 15:51
Send private message

that sounds about right. My sister has the same situation in medicine when she quit to be a mum full time. Still needs malpractice insurance even though she isn't working

however bear in mind there is probably a statute of limitations for when claims can occur, so it doesn't mean you need to keep it forever. not sure how long that is in NZ though.



13 posts

Geek


  Reply # 478609 7-Jun-2011 16:25
Send private message

lets say i take a contract for 5 months, then the other 7 months i am unemployed. i still need to take insurance for the 12 month period, and i will need to take insurance for the remainding period of time until statute of limitation kicks in (is that like 7 years or something?). so really for a short term contract one needs to consider a very long term view of taking out the insurance? WHOAH !

2911 posts

Uber Geek
+1 received by user: 274


  Reply # 478621 7-Jun-2011 16:53
Send private message

What, as an IT contractor, do you need to keep insuring for though once you have finished the job?
Surely you would have some sort of contract/agreement, with the company, that has some sort of sign-off or something that you both sign once the job/contract is complete and they would be signing to say that everything is complete and working as they required and to their satisfication so you can't be held liable for anything that happens after that?
Or at least have some date in the future as to when your liability ends??




3049 posts

Uber Geek
+1 received by user: 902

Trusted
Subscriber

  Reply # 478626 7-Jun-2011 17:23
Send private message

Your best bet would probably be to contact your (potential) insurer to find out about the lifetime of limitations and get their word in writing.

1085 posts

Uber Geek
+1 received by user: 83

Subscriber

  Reply # 478627 7-Jun-2011 17:23
Send private message

Your terms of engagement contract should state when you need insurance, how much, and for how long after the work is complete. It is normal.

Generally a contractor will be contracting indefinitely (over multiple jobs), so ongoing insurance would be the norm.

I would recommend insuring for 12 months after your contract ends. This is normally long enough for most standard contracts.

Are you insuring for $1M or $2M?

 



13 posts

Geek


  Reply # 478664 7-Jun-2011 18:47
Send private message

it all seems a bit of a gray area as the statute of limitation applies to when the problem occured not when the work was done, thats my understanding but i could be wrong. google professional indemnity run off insurance.

im not sure what my liability sum will be. but the cost o insurance alone makes a massive dent in the benefit of being a short term contractor (placed by an agency) as i see it.



13 posts

Geek


  Reply # 478790 7-Jun-2011 23:01
Send private message

jjnz1: Your terms of engagement contract should state when you need insurance, how much, and for how long after the work is complete. It is normal.

Generally a contractor will be contracting indefinitely (over multiple jobs), so ongoing insurance would be the norm.
 


nope nothing in the contract or agreement other than i take full liability not the agency.

im not sure if i will contract again in nz or not, thats the real problem, is the short term contract worth it to me in comparison to the cost of the years of PI insurance. and for that matter i cannot find anything definitive on how many years i would need to keep renewing the PI policy for afterward.

6434 posts

Uber Geek
+1 received by user: 1571


  Reply # 478793 7-Jun-2011 23:16
Send private message

you just need to make sure you build the cost of the PI insurance into your contract rate.



13 posts

Geek


  Reply # 478806 7-Jun-2011 23:42
Send private message

NonprayingMantis: you just need to make sure you build the cost of the PI insurance into your contract rate.


thanks, appreciate what your saying.

how long do i estimate the PI insurance for, 7 years, 20 years? for a short term contract it could be a big cost/headache.

it is strange to me paye options by the agencies  are not more common in nz. would make it easier if u just plan on doing short term roles with breaks in between etc.

Create new topic

Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

IBM leads Call for Code to use cloud, data, AI, blockchain for natural disaster relief
Posted 25-May-2018 14:12


New FUJIFILM X-T100 aims to do better job than smartphones
Posted 24-May-2018 20:17


Stuff takes 100% ownership of Stuff Fibre
Posted 24-May-2018 19:41


Exhibition to showcase digital artwork from across the globe
Posted 23-May-2018 16:44


Auckland tops list of most vulnerable cities in a zombie apocalypse
Posted 23-May-2018 12:52


ASB first bank in New Zealand to step out with Garmin Pay
Posted 23-May-2018 00:10


Umbrellar becomes Microsoft Cloud Solution Provider
Posted 22-May-2018 15:43


Three New Zealand projects shortlisted in IDC Asia Pacific Smart Cities Awards
Posted 22-May-2018 15:14


UpStarters - the New Zealand tech and innovation story
Posted 21-May-2018 09:55


Lightbox updates platform with new streaming options
Posted 17-May-2018 13:09


Norton Core router launches with high-performance, IoT security in New Zealand
Posted 16-May-2018 02:00


D-Link ANZ launches new 4G LTE Dual SIM M2M VPN Router
Posted 15-May-2018 19:30


New Panasonic LUMIX FT7 ideal for outdoor: waterproof, dustproof
Posted 15-May-2018 19:17


Ryanair Goes All-In on AWS
Posted 15-May-2018 19:14


Te Papa and EQC Minecraft Mod shakes up earthquake education
Posted 15-May-2018 19:12



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.