Risk Appetite

Providing long term, secure insurance solutions for engineering professionals.

EMPOWERING AUSTRALIAN ENGINEERS

Engineers transform brilliant ideas into tangible goods, services and processes. They are essential to Australia’s ongoing prosperity, known for their clear, precise, logical and methodical approach.

At Ingenium, we embrace and embody this same approach. 

Our long term, secure insurance solutions have been developed specifically with engineering professionals in mind, and underpin our aim of becoming the professional indemnity insurance product and provider of choice to the engineering sector.

Ingenium has a deep appreciation and understanding of the unique insurance and risk needs of Australian engineering businesses. Discover how we empower the businesses and entrepreneurs driving the Australian economy, by providing them with the ability to confidently navigate risk exposures and foster safe and sustainable growth.

SPECIALISED PROFESSIONAL INDEMNITY INSURANCE SOLUTIONS TO COMBAT RISING INDUSTRY CLAIMS

Any company or individual providing professional advice or services can be held liable for financial losses occurring as a result of error or oversight when carrying out work… and claims against engineering businesses and individuals for breach of professional duty are becoming all too common. 

That’s why Ingenium has developed tailored solutions specifically designed to provide endorsements and benefits not available in the wider professional indemnity insurance market.

Professional indemnity insurance enables engineering professionals to mitigate and safeguard themselves against substantial operational risk, serving as a shield against financial vulnerability. It provides financial protection against claims alleging loss as a result of professional advice or service, extending to cover legal expenses incurred in defending potential claims.

Ingenium’s bespoke solutions are based on a deep understanding of the unique challenges faced by engineers. Below are some of the more common insurance policy features. Please refer to specific policy wording for inclusions, exclusions, terms and conditions. 

Covered Features

Loss of documents

Coverage of the costs incurred to replace or restore documents lost or damaged by the insured, or any person to whom they have been entrusted. 

Reinstatement of indemnity limit

Allows a reinstatement of the policy limit in the event that the initial limit has been eroded. 

Advancement of costs and legal expenses

Defence costs, legal representation and public relations expenses can be advanced preceding the final disposition of a claim. 

Bodily injury and property damage

In some cases the policy can be extended to provide cover for an error or omission resulting in a third party suffering injury or damage to property due to a breach in professional services.

Fraud and dishonesty

Cover for loss sustained as a consequence of theft or dishonesty by employees, based on the proviso that the insured has not condoned or committed the dishonest, fraudulent or criminal act that incurred the loss.

Defamation

Protection for any claim made alleging libel, slander or defamation against the insured.