You purchase your first insurance policy with “ABC Insurance” to cover you for your coming years work. The policy will start on 01/01/2022 and will expire on 31/12/2022. As this is your first year, there is no requirement for historical cover.
Cover for the coming years work provided by "ABC Insurance"
Having completed your first year of Private Practice, you renew your insurance with “ABC Insurance”, with your new policy starting on 01/01/2023 and expiring on 31/12/2023. This indemnifies you for the coming year’s work, as well as providing retroactive cover from 01/01/2022 for any claims arising from work undertaken in the previous year.
Retroactive cover for historic work provided by "ABC Insurance"
Cover for the coming years work provided by "ABC Insurance"
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 01/01/2024 and expires on 31/12/2024.
This means Primus will now cover you for the coming year’s work, as well as providing retroactive cover from 01/01/2022 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.
Retroactive cover for historic work provided by PRIMUS
Retroactive cover for historic work provided by PRIMUS
Cover for the coming years work provided by PRIMUS
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.