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Re: Legal and liability - using my stamp

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Hans,

Well put! My question is how many out there carry their own coverage?

Rand
----- Original Message ----- 
From: "Hans E Boge" <Hanseb(--nospam--at)boge-boge.com>
To: <seaint(--nospam--at)seaint.org>
Sent: Monday, June 07, 2004 4:14 PM
Subject: RE: Legal and liability - using my stamp


Re personal vs. corporate coverage.

There are a number of confusing issues here in my opinion.

Assuming you are a junior partner with some ownership and control and
seal work.  What happens if you change jobs, your company goes bankrupt
or by some other scenario the coverage is cancelled.

I doubt whether companies continue to pay premiums for ex-employees, and
if you are bankrupt, there is no slush fund to pay out premiums into the
future.  My policy is such that a policy is void the second the premium
is not paid.  If the claim is made today for a project completed 10
years ago, and the premium was paid in that year.  If you haven't paid
your premiums last year, the policy is void and you have no coverage.

If you retire do you pay your former company to keep your liability
coverage up, or can you roll it into a personal coverage plan with lower
premiums, based on no new work being done, just covering the work
completed to retirement.

What about "in-house" engineers working for large corporations, say
manufacturing, utilities or resources sectors like forestry and mining.
There are designers doing work for their employer who is not a
consulting firm that may not even consider purchasing liability
insurance for their engineers.  They may get lucky to even have their
annual registrations paid for.

What about contract engineers that move from company to company and
project to project.

Doctors, as I understand, carry personal coverage, whether they work for
the government or are in private practice, they carry coverage to cover
themselves personally.  I don't know what lawyers or accountants do.

In my opinion, all engineers should carry personal coverage.  This way
coverage is independent of all external factors.  While employed at
other firms, the firm can reimburse the premium costs as part of their
overhead.  This way, independent of career choice, corporate success or
whatever, you the engineer are covered.

-------------------------------------
Hans E. Boge, P. Eng.
Boge Boge (1980) Ltd.
268 Ellen St., Wpg. MB
R3A 1A7, Canada
ph: (204) 942-7276 ext 223
fx: (204) 942-7288
eml:hanseb(--nospam--at)boge-boge.com
www.boge-boge.com

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