Professional Indemnity Insurance – Retroactive Date
Professional indemnity insurance policies incorporate a retroactive date which effectively excludes claims arising from things done, or that ought to have been done, prior to this date. Whenever cover is changed to a new insurer it is important that the existing retroactive date is carried forward to the new policy. If there is a break…
Professional Indemnity Insurance – Run Off Cover
When businesses are no longer trading we recommend that cover be maintained for a period of six years on a run-off basis as the ‘claims made’ basis of policy cover means that only claims made (and reported to the insurer) during the period of insurance would be indemnified. Whilst we recommend that a minimum of…
Professional Indemnity Insurance – Claims Made Basis
Our professional indemnity insurance policies (as is the case almost without exception throughout the UK) operate on a ‘claims made’ basis. This provides cover for claims made (and reported to the insurer) during the period of insurance cover only. Each policy incorporates a retroactive date which effectively excludes claims arising from things done, or that…
Professional Indemnity Insurance Schemes
Insurance2day is pleased to announce that it has negotiated specialist professional indemnity insurance schemes for the British Computer Society, members of the Institute of Domestic Energy Assessors and users of the PALI HIP View product. Insurance2day invite any other professional bodies, groups or organisations wanting exclusive schemes for their members to contact Sid Gould on…
The latest news from LFC Shield
Since Shield Policies was acquired by the LFC Insurance Group recently, there have been considerable improvements to policy covers. Most policies will now benefit from a completely new wording when they renew and these are spelt out below. Shield’s latest insurance partner is Sterling Insurance Group, one of the UK’s most innovative insurance companies. New…
Employers’ Liability Insurance – The Importance of Retaining Certificates
A Certificate of Employers’ Liability insurance cover needs to be displayed in all business premises and it is a legal requirement under the Employers’ Liability (Compulsory Insurance) Regulations 1998 that all certificates are retained for a period of forty years. In addition the Companies Act obliges the company and its employees to maintain appropriate records….
What is Marine Cargo Insurance?
Marine cargo Insurance is the insurance of property as it moves from place to place. The word ‘marine’ conjures up the sea and foremost in the minds of the writers of the Marine Insurance Act 1906 (MIA) was indeed sea transits. While the Act in its opening sections refers to ‘marine losses’ and to the…
What is PI Insurance
Previously clearly defined and distinct, the responsibilities of the professional have changed. Traditionally, people like Accountants, Surveyors, Engineers, Solicitors and Architects, the mainstream professions, were regarded as ‘professionals’. Modern reliance upon services provided by others and the increased use by business of outside consultants has increased the scope of this term and a professional is…