I am going to stop practicing for a short while – perhaps a year – so I do not need the insurance during that time. Someone told me that is not correct – what is the position?
Professional Indemnity insurance differs from most other forms of insurance because of the strong possibility that when a claim is made it may not relate to a recent incident. Indeed the incident to which a claim relates may have been some time in the past. Please see the section that deals with the difference between “claims made” and “claims arising”. Therefore the fact that you are not practicing does not mean a claim cannot arise. This policy is “claims made” and the underwriters must consider a claim they are notified of during the policy period. Because the policy has a Nil Retroactive date, that means the claim the insurers will consider may relate to an incident that occurred at any time in the past. With car insurance, for instance, if you get rid of the car – you get rid of the insurance. If you do not have a car right now, then what claim can arise 2 years after you get rid of the car (that you didn’t actually know about when you got rid of the car)? This is very different.
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