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SWITCHING TO PRIMUS

FROM ANOTHER
INSURER

HOW IT WORKS
A medical indemnity policy provided on a Claims Made basis, the method typically used by insurers, works on the premise of a single policy covering you for a period of time. It consists of cover for the coming year’s work as well as covering a period of historic work (known as retrospective or retroactive cover) if required. Each year, when the policy is renewed, the period covered grows, ensuring that both your historic and current year’s work is indemnified.
When you retire, the “run off cover” or “tail cover” element of your policy starts, providing cover against any claims that may arise during your retirement.
Starting out in Private Practice - Year 1

You purchase your first insurance policy with “ABC Insurance” to cover you for your coming years work. The policy will start on 01/01/2020 and will expire on 31/12/2020. As this is your first year, there is no requirement for historical cover.

 

01/01/2020

Cover for the coming years work provided by "ABC Insurance"

01/01/2021

WHAT’S TWO MINUTES OF YOUR TIME REALLY WORTH?
It takes two minutes to complete the Primus Indicative Premium Form. We will then review your information with our panel of carefully selected Insurers
WHAT’S TWO MINUTES OF YOUR TIME REALLY WORTH?

Renewing with ABC Insurance - Year 2

Having completed your first year of Private Practice, you renew your insurance with “ABC Insurance”, with your new policy starting on 01/01/2021 and expiring on 31/12/2021. This indemnifies you for the coming year’s work, as well as providing retroactive cover from 01/01/2020 for any claims arising from work undertaken in the previous year.

 

01/01/2020

Retroactive cover for historic work provided by "ABC Insurance"

01/01/2021

Cover for the coming years work provided by "ABC Insurance"

01/01/2022

Switching to PRIMUS - Year 3

Having completed your second year of Private Practice, you become aware of the market-leading policies offered through Primus. Having received a quotation and accepted it, the policy with Primus starts on 01/01/2022 and expires on 31/12/2022.

This means Primus will now cover you for the coming year’s work, as well as providing retroactive cover from 01/01/2020 for any claims arising from work undertaken in the previous years. There is no additional cost for this, it is included within the premium quoted.

 

01/01/2020

Retroactive cover for historic work provided by PRIMUS

01/01/2021

Retroactive cover for historic work provided by PRIMUS

01/01/2022

Cover for the coming years work provided by PRIMUS

01/01/2023

The period covered under your policy would then continue to grow each year until retirement. At the point of retirement, the run off cover element of the policy would be initiated, with cover then remaining in place for a minimum of 21 years, covering any claims that may arise in retirement.

If you are at all unsure about the basis on which your current cover is provided please speak to your current provider and request that they confirm it in writing.

WHAT’S TWO MINUTES OF YOUR TIME REALLY WORTH?
It takes two minutes to complete the Primus Indicative Premium Form. We will then review your information with our panel of carefully selected Insurers
WHAT’S TWO MINUTES OF YOUR TIME REALLY WORTH?