Frequently Asked Questions
Why you may need it?
In an increasingly litigious world, professionals find themselves facing increasing exposure to claims and the substantial legal costs that can be incurred in their defence.
Scope of Cover
The Professional Indemnity policy intends to provide a protection against claims arising from a breach of professional duty, including the cost of legal fees in defence of such claims.
When does Cover commence?
Establishment of the business is the normal time to start cover. However if you prefer to have the policy anniversary date coinciding with your financial year, then we can place a longer period of insurance to suit you by aligning renewal dates with other financial arrangements.
Solicitors in England and Wales however have a compulsory renewal date of 1st October.
Compulsory Indemnities
In general, Professional Indemnity insurance is not a compulsory insurance unless the firm is a member of a Professional Body such as Royal Institution of Chartered Surveyors, Institute of Chartered Accountants of England & Wales, The Law Society of England and Wales. Then a compulsory indemnity is required.
How long does it take to get a quotation?
Whilst we would like to be able to provide a quote in 48 hours, it can take as much as two weeks for us to obtain firm quotes. We strive to not only provide you with the most competitive quotation but the best coverage available.
What is the renewal process?
Existing clients will receive a reminder from us approximately eight weeks before renewal, when a renewal proposal form will be sent to you. This is to demonstrate that we are searching the market on your behalf for the most competitive quotation for the best available cover.
What happens when I need to make a claim?
To advise us of a potential circumstance, claim or notification you can email our dedicated claims department, advise us by post or fax. We will then negotiate with your Underwriters on your behalf. Most PI policies require immediate or prompt notification of any matter that may give rise to a claim and it is essential to follow these conditions in the event that you have any potential claim, however remote.
