Check your ‘retro date’ – Cover for work done previously

As Professional Indemnity Insurance is written on a claims-made basis and provides cover for past exposures, policies tend to incorporate a retroactive date. The retroactive date effectively excludes claims arising out of work done, prior to this date. This is normally the date from which you first arranged professional indemnity insurance.

When changing professional indemnity insurance providers, it is important to ensure that your new provider is offering retroactive cover from the date that you initially took out professional indemnity insurance, as if unadvised the new insurer may incept the new policy with the retroactive date being that of the new policy’s inception.

In effect, this would exclude any exposures for past work carried out prior to the new policy’s inception.

For help and advice about Professional Indemnity insurance please contact Adam Lawrence on 0118 9165484 or complete one of our enquiry forms.

Author: Adam Lawrence | February 14th, 2014

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Adam Lawrence
Get in touch:   Reading: 0118 916 5480   London: 020 7036 8767   info@macbeths.co.uk