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Monthly Professional Indemnity Insurance policies
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Written by Hammond   
Saturday, 01 December 2012 17:13

Monthly, Professional Indemnity Insurance policies have been around for a few years now and they can a convenient and affordable way of purchasing Professional Indemnity Insurance. Monthly policies once in place can be a hassle-free way of covering yourself against negligence claims where future renewals take care of themselves. Insurers can provide professionals with a policy that takes out the hassle of completing proposal forms every year by automatically renewing insurance cover for standalone Professional Indemnity Insurance or Professional Indemnity Insurance which includes Employers Liability insurance and/or Products and Public Liability Insurance as well. How does it work.

The monthly policy is designed for small businesses that are not subject to dramatic fluctuation in fees or the scope of work they undertake. Insurers will normally offer a monthly policy to firms that buy Professional Indemnity up to a Limit of Liability of £2,000,000 and with a premium are generally below £3,500.

It’s a simple process:

Insurers will provide a quote offering terms on a monthly basis after you have provided a proposal for insurance which is standard to arranging PII. The quote will include a declaration and direct debit form.

IMPORTANT – the declaration explains that the premium has been based on the proposal form and any other information that was provided when the policy was initially purchased. Insurers will rely on you the insured to inform them of any material changes to the information they have been given promptly, as there is not going to be an annual proposal form. The declaration will set out the typical parameters the insurer would expect you to consider as a material change but we would suggest your check with your insurer or broker if you are unsure if something may be declarable.

At the anniversary date of the policy the insurer or your broker will send you a reminder of the information declared with a prompt to consider the original declaration and proposal for you to decide if you should notify a material change. If no changes are declarable to policy will continue on the existing DDM until the next anniversary. Every three years or so, however, insures we will require a full proposal form.

If the policy covers EL, Products & Public Liability you will be however still have to be contacted to complete a brief questionnaire so that the Employers Liability certificate can be re-issued.

Policy Review

Whilst the convenience of a monthly policy can be very attractive it does mean that we as brokers don’t have the opportunity to check if a more competitive policy may be available from another insurer as we would normally do with an annual policy. We would always therefore ask you to contact us at anytime you would like us to review your cover with our extensive market of Professional Indemnity Insurers.

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