RSA unveils new PI product for climate consultants

RSA has launched a new professional indemnity (PI) product for climate consultants and businesses that provide advice on sustainability, net zero and associated strategies.

The product, which RSA said was a UK-first, aims to protect professionals whose advice, designs, or services might be challenged by clients, potentially leading to legal battles and compensation claims.

It would cover any legal costs and other expenses incurred, as well as damages or costs that may be awarded to the client.

Customers will also get access to RSA’s business support hub, which offers environmental, social and governance (ESG resources.

This includes advice and guidance on regulatory, legal, disclosure and environmental topics, relevant to them and the services they provide.

Edward Ambrose, UK head of PI at RSA, said: “In this increasingly litigious environment, PI cover is vital for companies and consultants providing advisory services.

“With climate, sustainability and net zero considerations growing in importance to all organisations, we believe there is strong demand and desire for this type of product.”

Research

RSA has launched the product after research from Verdantix highlighted that global spending on ESG and sustainability consulting hit £9.11bn ($11.5bn) in 2022.

This market is also expected to grow at an annual rate of 27%, surpassing £38bn ($48bn) by 2028.

Ambrose said: “In a profession that is rapidly changing, we’ll maintain contact with brokers and clients to ensure the product stays relevant, continues to meet needs and evolves where necessary.”