Can I Get Retroactive Coverage With Professional Indemnity Insurance?

Short Answer: Yes, you can get retroactive cover.

It’s important to note that various insurers may have distinct criteria or prerequisites concerning retroactive cover and dates. You should canvass this with your broker prior to taking out a PI policy.

Retroactive cover is an important aspect of Professional Indemnity (PI) insurance. This type of cover is designed to protect professionals against claims related to past acts, errors, or omissions that may come to light after the policy has been issued. Without retroactive cover, the insurance policy would only cover claims arising from work performed after the policy’s effective date.

Important Points:

• Retroactive Date: When you purchase a PI insurance policy, it will have a specific retroactive date mentioned in the policy. This date represents the point in time from which your coverage starts, protecting you against claims arising from work performed on or after that date.

• Claims Prior to Retroactive Date: Any claims or incidents related to work performed before the retroactive date would not be covered under the PI insurance policy. This means that if you were to purchase a new policy with a retroactive date of January 1, 2023, any claims arising from work performed prior to that date would not be covered.

• Continuous Coverage: It’s important to maintain continuous PI insurance coverage to ensure ongoing protection. If you switch insurers or let your policy lapse, you may lose the retroactive cover from your previous policy. This means that claims arising from work performed during the period when you were insured by the previous policy may not be covered under the new policy.

For further information or inquiries, please feel free to contact us directly and our dedicated team will be happy to assist you.