PLEASE TAKE A FEW MOMENTS TO REVIEW THE RENEWAL POINTS BELOW. They are aimed at helping you to ensure that your policy protects you as intended.
YOUR DISCLOSURES - The importance of Insurers understanding your risk and their right to reject a claim if they do not.
We must remind you of your duty to disclose all information that might affect Insurers in deciding whether to provide cover for your risk, and if they decide to do so, the level of premium to charge.
The Insurance Act 2015 applies to all policies arranged, amended or renewed after 12th August 2016 and requires you to provide Insurers with a 'fair presentation' of your risk. You can find out what this means for your business by reading our Brief Guide for Clients.
Failure to disclose this 'material' information may entitle Insurers to avoid cover and/or claims for some policyholders, although the Insurance Act 2015 creates new more proportionate remedies for material non-disclosure or misrepresentation. Material information would include your profession; the type and scale of work undertaken along with income generated; geographical reach of operations; liabilities accepted from predecessor firms; acquisitions or mergers; previous claims, losses, disciplinary issues or claims declined by past Insurers, or even that the details being supplied are incomplete in some way allowing Insurers to enquire further.
CHANGES IN YOUR RISK AT RENEWAL AND THROUGH THE YEAR - Please remember to keep us informed
Any material changes in risk, new claims or circumstances which may give rise to a claim, or any developments in current claims which occur before the policy commences or renews may give Insurers the right to review the terms they require or in some cases withdraw terms altogether. Insurers are not looking for opportunities to increase premium or avoid paying claims but to ensure that the contract of insurance is on an accurate basis with premium and terms set appropriately.
Material changes to your business affecting its risk through the course of the coming year should also be advised to Insurers.
Please talk to us for advice if you are in any doubt as to how changes in your business may affect your insurance.
'CLAIMS MADE' BASIS OF COVER - What does this mean for your PII?
Your policy will cover claims (subject to all policy terms) that you first become aware of during the insurance period. The work giving rise to the claim may have been performed during or perhaps years before the policy period. The key point is the date at which you first become aware of a potential claim.
Allowing your policy to lapse creates a gap in cover leaving you uninsured for any claims notified to you when cover is not in force. For this reason, it is important to maintain continuous insurance. If you would like further clarification on this point please speak to us.
YOUR RIGHT TO CANCEL THE POLICY - typically not an option with PII but please ask us.
Professional Indemnity insurance policies are typically non-cancellable by you once in force (often at the insistence of professional bodies or regulators). In certain situations however, Insurers may be able to terminate the contract. If you would like more details about this in relation to your policy please ask us.
OUR SERVICES - The work we do for you and our Terms of Business.
We provide our services on the basis of a fair analysis of the insurance market options available for you taking into consideration your firm’s unique risk profile. Our Terms of Business Agreement (TOBA) may be downloaded here as a PDF or can be viewed from our Treating Customers Fairly page
The basis for the income we earn from your policy is explained in Section 13 of our TOBA. Details of the specific income we earn on your policy is available from your Ntegrity contact on request.
YOUR LIMIT OF INDEMNITY - Make sure you have sufficient cover.
While the rules of professional bodies and regulators (along with affordability of premiums) often drive the level of cover arranged, it is important to consider various factors in selecting your limit of indemnity. Please speak to us for guidance on your own circumstances.