Run Off Insurance

Run Off Insurance

Essential Run Off Professional Indemnity Insurance Protection For When You Stop Trading

When you retire or cease trading, you still need the protection of Professional Indemnity Insurance that covers you should claims arise from your past work. Just because you are no longer trading and in business does not mean you have left your professional liabilities behind. You could still be exposed to costly claims from your past work. Professional bodies such as the RICS, ARB, ABE and CIAT either require or strongly recommended their members to maintain Professional Indemnity Insurance for a minimum of six years from the date they have stopped trading. This is known as Run Off Professional Indemnity Insurance.

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Claims Made Basis Of Cover


Remember you can only notify potential claims against a current Professional Indemnity policy, yet there are situations where you may not become aware of a claim until after you have finished work. Due to the “claims made” basis of cover that applies under a Professional Indemnity policy, it is not the Insurer that insured you at the time you were working that is relevant, but the Insurer you are with on the day you first become aware of a circumstance that could give rise to a claim. A good example of this would be a pre-acquisition Building Survey, HomeBuyer Report or Design Work where it could be months or even years after your work was completed before your client informs you of a problem. If you don’t have a current Professional Indemnity policy in force then you won’t have any insurance protection in place and you won’t be insured. This emphasises why it is extremely important to arrange Run Off Professional Indemnity Insurance after you have ceased to trade.

Run Off cover is normally only available under an annual policy that is renewable each year. However, in certain circumstances it may be possible to arrange a long term policy for a period of 6 years.