If your term or query is not described below, then please do contact us.
NOTE: The definition below are meant for information purposes only. If you have a specific query about your policy you should contact us for further clarification.
ADDRESS
Your principal address for correspondence purposes.
BUSINESS
The description of your Business. You need to check that this is accurate and complete.
CLAIMS MADE
Professional indemnity insurance is a “Claim Made” liability insurance policy. It only provides cover if:
- A claim is made against you, by some other person, during the period when the policy is in force; and
- The claim arises out of circumstances committed, attempted or alleged to have been committed or attempted after the Retroactive Date stipulated in the schedule
CONDITIONS
Specific cover enhancements or exclusions from the standard Policy Wording.
DUTY OF DISCLOSURE
Your quotation has been provided based upon the proposal information you have supplied to us, and which is detailed in the “INFORMATION” section of your quotation. To comply with your legal duty to disclose all material facts, whether favourable or not, which would influence the judgement of a prudent insurer in determining whether or not he will accept your proposal, and if so, at what terms, you need to satisfy yourself as to the accuracy and completeness of the information you have provided. This obligation to disclose material information will continue until the date that cover is bound by the insurer. You also have a continuing obligation to disclose material changes during the course of the insurance, after cover is bound.
If you fail to disclose material information, insurers have the right to avoid the contract of insurance from its commencement, which could then lead to a denial of cover for any claims notified during the period of the contract.
EXCESS
The amount of each claim that you have to bear financially. If the excess is “costs exclusive”, the excess will not apply to insurers’ costs and expenses.
INFORMATION
The information upon which our Quotation is based. Please also see DUTY OF DISCLOSURE.
INSURER(S)
The financial security behind the quotations. Please advise us if you are unhappy with any of the security proposed.
INSURED
The names of all Insured Parties to be specifically indemnified under the insurance. You need to check that the list is accurate and complete.
JURISDICTION
The areas of the world where, if claims are brought against you, cover would apply. Again, you need to check that this satisfies your needs.
LIMIT OF INDEMNITY
The maximum payable in the event of each claim (or in all during the policy period if the quotation is on an “aggregate” basis). The Limit may include insurers’ costs and expenses, or they may be payable in addition to the Limit.
PERIOD
The period of the insurance contract, if the quotation is accepted by you.
POLICY WORDING
The Insurer or Scheme policy wording that would be issued to you on acceptance of the insurance.
RETROACTIVE DATE
If applicable, the date prior to which any work that you have carried out will not be covered against any future claims. This date is sometimes negotiable with insurers. If the word “None” is used, this means no retroactive restriction applies and all work undertaken in the past is covered.
SITUATION
The areas of the world where your work will be covered. You need to check that this is adequate.
SUBJECTIVITIES
Conditions that must be satisfied before insurers can confirm that cover is fully operational. Please note that, even if insurers agree to bind cover on a provisional basis, the subjectivities will have to be satisfied before indemnity can be confirmed under the contract of insurance.
TYPE
The class of insurance for which the quotation is being provided.