Is your insurance ready for the Renewable Heat Incentive (RHI)?
You may have read Greg Barker’s “tweet” announcing the long awaited launch of the Domestic Renewable Heat Incentive (RHI). The launch is due to go ahead this Easter and is set to have a resounding effect on the heating industry.
Are you thinking of diversifying your business to become installers of biomass systems by going through the Microgeneration Certification Scheme (MCS) accreditation? If so, then you’ll have a mixture of technical knowledge and practical confidence to provide householders with the advice they need to take informed decisions about entering into the Domestic RHI. As such, there are several aspects of insurance cover that you need to keep in mind.
In addition to the usual Public and Employer’s Liability insurances then you must ensure that your Professional Indemnity (PI) cover is adequate and up to date.
As MCS installers, your work centres on offering advice and providing reports. Should any calculations or recommendations you provide be incorrect you could suffer serious financial consequences if you lack the correct levels of insurance cover. Typical tradesmen insurance policies may not automatically include professional indemnity cover. If this is the case then you need to make sure that you have a sufficient level of cover in place separately. Its key here to ensure this extends to include feasibility studies and calculations as these are the main risks you’re likely to encounter. We recommended that you set at least a £500,000 limit on your policy to cover.
You won’t qualify for the Domestic RHI without having undertaken a Green Deal Assessment in the first place, so if you are undertaking Green Deal Assessments then you must make sure you have the correct professional indemnity insurance in place. Likewise if you partner with a Green Deal Assessor, to undertake the assessment, then they will need to have their own professional indemnity insurance.
For more information on professional indemnity insurances or to request a quotation please contact HETAS Insurance Services or call the team on 08455 085 734.