You purchase your first insurance policy with “ABC Insurance” to cover you for your coming years work. The ploicy will start on 01/01/2020 and will expire on 31/12/2021. 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 01/01/2021 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.
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 01/01/2022 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 01/01/2021 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
