Professional Indemnity Insurance what is Claims Made basis

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Professional Indemnity insurance policies operate on a ‘Claims Made’ basis. In other words, the policy which responds is the policy in place at the time a claim is made against your practice or when you notify the insurer of circumstances that may give rise to a claim as opposed to when the work which is the subject of the claim was done.

What this means is that you need to have Professional Indemnity Insurance cover in place at the time you become aware of a circumstance that could give rise to a claim  and/or at the time when a claim is made against you.

Some insurers like Vero and QBE  may offer unlimited retroactive cover, excluding known claims and circumstances, if your unsure speak to an insurance broker.

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