CLAIMS MADE BASIS

CLAIMS MADE BASIS

We created iNdemnity360 specifically to cater to freelance contractors and consultants, working either as self-employed or through their own limited company. This includes Employers Liability, Public Liability and Professional Indemnity insurance.

Professional Indemnity Insurance is very different to liability insurance policies because it is written on a claims made basis, as opposed to a claims occurring basis. Simply put, you have to have the insurance in place at the time that a claim or allegation is made against you and notified to the insurer, rather than at the time that the event occurred that led to the claim or allegation being made.

This can affect you in a number of ways. If, for example, you cancel your insurance policy or let it lapse at renewal, you could end up having no cover if a claim or allegation is made against you for work you did during your contract or for work you have previously completed - even if you did have the insurance in place at the time you were doing the work. If you are closing your business down, it is possible to purchase Run-Off cover at a reduced rate to continue providing protection for work you have done previously.

If you are not shutting your business down, but are just out of contract, it is always strongly advised that you keep Professional Indemnity Insurance in place. It may be possible to look at options such as reducing your turnover or level of cover if you are out of contract or insured on a run-off basis.

Provided that you have maintained at least one years' continuous Professional Indemnity Insurance with iNdemnity360, we can provide run-off cover at 80% of the full annual Professional Indemnity Insurance premium.

Often contracts can require that your Professional Indemnity Insurance is maintained for a set period of time following completion of the work. This is to provide protection if any errors only come to light in the time after your work has been completed. We recommend that you review your previously signed contracts to make sure that you are not currently in breach of your contract.