You are certain to have questions before deciding where to place your Professional Indemnity insurance.
This additional benefit limits the total excess the firm will pay for the insurance period to three (3) times the selected ‘per claim’ excess.
For example, if a firm has an excess of £1,000, the firm would only pay £3,000 over the course of any one year. Without an aggregate excess, a firm would have a potential liability of £1,000 for each and every claim and circumstance reported during the course of the policy period.
As the firm is able to limit its exposure in this way, we charge an additional premium for this coverage.
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Cover compensating for time spent after service of legal proceedings in connection with the conduct of the defence of a claim (at our request and with our express agreement). Payment is at a rate of £75 per hour for firms in Greater London and £50 per hour if a firm is outside Greater London. Cover is limited to 100 hours in respect of any one claim. An additional premium is charged for this benefit.
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This feature allows firms to reduce their premium significantly by capping the total limit of indemnity required over the policy period. Firms can cap this at three (3) times the limit of indemnity. Alternatively, for an even greater reduction in premium, it can be capped at the total limit of indemnity per claim. This option is not available to firms regulated by the ACCA and AAT.
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Our standard cover provides cover for claims arising from work carried out within six years prior to the effective date of your policy. Unlimited Retroactive Cover will provide cover for claims that arise out of work that was undertaken since the establishment date of the firm or any predecessors in business that cover is required for.
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Different regulatory bodies have differing minimum levels of cover and rules about appropriate levels of excess for their member firms. To find out more about your required level of cover please click here.
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Q: What is the Insurance Premium Tax (IPT)?
IPT is chargeable on all professional indemnity insurance premiums. It is currently charged at 5% of the total premium and is in addition to the premium charged by the insurance company.
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Firms need to contact the Account Executive who sent the quote. They may need to do a requote and require completion of a No Claims Declaration. This may result in a change to the quoted premium.
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The firm should use the latest annual billings for the fees question. Annual billings normally run alongside the firm’s financial year. The areas of practice should then match this number.
If the firm does not have a full year’s annual accounts to use or if the firm is just starting up, then a best estimate of anticipated fee income, areas of practice and client base should be provided.
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A foreign office is any office located outside of England, Wales, Scotland and Northern Ireland. The Channel Islands are not covered.
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Yes, payment of defence costs may affect the firm's premium.
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Cover begins on the inception date as set out on the schedule to the policy and once all conditions have been satisfied.
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Firms can choose to pay in monthly instalments by direct debit through the arrangement Zurich has with Zurich Bank International Ltd. If they choose this option, we will require a running account credit agreement (RACA) to be completed and approved by Zurich Bank International Ltd. If the firm wishes to pay in full, they may do so by: cheque, BACS or wire transfer (CHAPS)
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Zurich Professional will consider all requests for increased limits. We will need to know the reason for the increase in limits, details of any claims or circumstances that have not been reported and of any significant changes to the practice.
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