‘ Claims Made ’ basis of cover
Professional Indemnity Insurance has a ‘ claims made ’ basis of cover. This is different to the majority of insurance types because the policy covers you for claims or circumstances notified to the insurer during the period of cover. It can be months or even years after you provide a professional service to your client when a claim arises and it is the policy in force at the time of the claim that needs to provide adequate cover.
How does this work in practice?
When a claim is notified, it is the policy that is in force that is required to cover the claim, rather than the policy that was active when you undertook the work resulting in the claim. This is why it is particularly important that you maintain continuous Professional Indemnity Insurance, even when you cease trading/retire; as once the policy expires, so does your protection against any future claims.
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