Run-off cover for professional indemnity insurance - Revision history

Designing Buildings at 09:30, 24 January 2023

2023-01-24T09:30:06Z

← Older revision		Revision as of 09:30, 24 January 2023
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	The nature of the work that has been undertaken will be an important factor in determining the length of time before a claim is likely to arise. From the date a problem occurs, the statute of limitations holds that a business or individual can be sued for up to six years. Therefore, a minimum of six years run-off cover is generally recommended, although businesses sometimes opt for a shorter period as they may judge that claims are likely to be made earlier rather than later.		The nature of the work that has been undertaken will be an important factor in determining the length of time before a claim is likely to arise. From the date a problem occurs, the statute of limitations holds that a business or individual can be sued for up to six years. Therefore, a minimum of six years run-off cover is generally recommended, although businesses sometimes opt for a shorter period as they may judge that claims are likely to be made earlier rather than later.

−	= Related articles on Designing Buildings ~~Wiki~~ =	+	NB [https://www.gov.uk/hmrc-internal-manuals/insurance-policyholder-taxation-manual/iptm0000 Insurance Policyholder Taxation Manual], published by HM Revenue & Customs on 19 March 2016, defines run-off as: ‘the continuing liability of an insurers in respect of a block of past business, for example where a reinsurance contract has been terminated but a liability remains in respect of risks or cessions accepted during the period of the agreement, or where an insurer has ceased to accept new business but has not settled all outstanding claims arising on old business.’
		+
		+	= Related articles on Designing Buildings =

	* Contractors' all-risk insurance.		* Contractors' all-risk insurance.

Designing Buildings at 08:27, 16 November 2020

2020-11-16T08:27:05Z

← Older revision		Revision as of 08:27, 16 November 2020
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	The nature of the work that has been undertaken will be an important factor in determining the length of time before a claim is likely to arise. From the date a problem occurs, the statute of limitations holds that a business or individual can be sued for up to six years. Therefore, a minimum of six years run-off cover is generally recommended, although businesses sometimes opt for a shorter period as they may judge that claims are likely to be made earlier rather than later.		The nature of the work that has been undertaken will be an important factor in determining the length of time before a claim is likely to arise. From the date a problem occurs, the statute of limitations holds that a business or individual can be sued for up to six years. Therefore, a minimum of six years run-off cover is generally recommended, although businesses sometimes opt for a shorter period as they may judge that claims are likely to be made earlier rather than later.

−	~~= Find out more =~~	+	= Related articles on Designing Buildings Wiki =
−		+
−	=== Related articles on Designing Buildings Wiki ===	+

	* Contractors' all-risk insurance.		* Contractors' all-risk insurance.
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	* Professional Indemnity Insurance clause in conditions of engagement.		* Professional Indemnity Insurance clause in conditions of engagement.

−	[[Category:~~Policy~~]] [[Category:~~DCN_Policy~~]] [[Category:Construction_management]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]	+	[[Category:DCN_Guidance]] [[Category:Policy]] [[Category:Construction_management]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]

Editor at 15:51, 6 February 2018

2018-02-06T15:51:53Z

← Older revision		Revision as of 15:51, 6 February 2018
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	* Indemnity.		* Indemnity.
	* Insurance.		* Insurance.
		+	* JCT Clause 6.5.1 Insurance.
	* Latent defects.		* Latent defects.
	* Limitation of action.		* Limitation of action.
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	* Professional Indemnity Insurance clause in conditions of engagement.		* Professional Indemnity Insurance clause in conditions of engagement.

−	[[Category:Policy]] [[Category:Construction_management]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]	+	[[Category:Policy]] [[Category:DCN_Policy]] [[Category:Construction_management]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]

Designing Buildings: moved Run-off cover to Run-off cover for professional indemnity insurance

2018-02-06T15:47:42Z

moved Run-off cover to Run-off cover for professional indemnity insurance

← Older revision

Revision as of 15:47, 6 February 2018

Designing Buildings at 09:08, 19 December 2017

2017-12-19T09:08:25Z

← Older revision		Revision as of 09:08, 19 December 2017
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−	Professional indemnity insurance (PII), sometimes known as errors and omissions insurance(E&O), provides insurance cover against claims of negligence. It is widely used where professional services are being provided to a developer or contractor, and will provide insurance up to a specified insured sum where negligence is proven to have been committed on the part of the service provider.	+	Professional indemnity insurance (PII), sometimes known as errors and omissions insurance (E&O), provides insurance cover against claims of negligence. It is widely used where professional services are being provided to a developer or contractor, and will provide insurance up to a specified insured sum where negligence is proven to have been committed on the part of the service provider.

	Professional indemnity insurance is generally provided on a 'claims-made' basis, meaning that insurance must be held when the claim is made, rather than when the incident occurred.		Professional indemnity insurance is generally provided on a 'claims-made' basis, meaning that insurance must be held when the claim is made, rather than when the incident occurred.

Designing Buildings at 09:08, 19 December 2017

2017-12-19T09:08:04Z

← Older revision		Revision as of 09:08, 19 December 2017
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	Professional indemnity insurance (PII), sometimes known as errors and omissions insurance(E&O), provides insurance cover against claims of negligence. It is widely used where professional services are being provided to a developer or contractor, and will provide insurance up to a specified insured sum where negligence is proven to have been committed on the part of the service provider.		Professional indemnity insurance (PII), sometimes known as errors and omissions insurance(E&O), provides insurance cover against claims of negligence. It is widely used where professional services are being provided to a developer or contractor, and will provide insurance up to a specified insured sum where negligence is proven to have been committed on the part of the service provider.
		+
		+	Professional indemnity insurance is generally provided on a 'claims-made' basis, meaning that insurance must be held when the claim is made, rather than when the incident occurred.

	Run-off cover is a form of professional indemnity insurance that applies when a business, or individual stops operating in a particular field. This might be because the business has been sold, it has changed direction, it has gone into administration, an individual has retired, and so on.		Run-off cover is a form of professional indemnity insurance that applies when a business, or individual stops operating in a particular field. This might be because the business has been sold, it has changed direction, it has gone into administration, an individual has retired, and so on.
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	As the likelihood of a claim reduces as time progresses, so the cost of a run-off policy generally reduces year on year, although, some insurers offer run-off policies payable with a one-off premium as this can reduce the uncertainty of ongoing payments.		As the likelihood of a claim reduces as time progresses, so the cost of a run-off policy generally reduces year on year, although, some insurers offer run-off policies payable with a one-off premium as this can reduce the uncertainty of ongoing payments.

−	The nature of the work that has been undertaken will be an important factor in determining the length of time before a claim is likely to arise. From the date a problem occurs, the statute of limitations holds that a business or individual can be sued for up to six years. Therefore, six years run-off cover is generally recommended, although businesses sometimes opt for a shorter period as they may judge that claims are likely to be made earlier rather than later.	+	The nature of the work that has been undertaken will be an important factor in determining the length of time before a claim is likely to arise. From the date a problem occurs, the statute of limitations holds that a business or individual can be sued for up to six years. Therefore, a minimum of six years run-off cover is generally recommended, although businesses sometimes opt for a shorter period as they may judge that claims are likely to be made earlier rather than later.

	= Find out more =		= Find out more =

Designing Buildings at 09:04, 19 December 2017

2017-12-19T09:04:50Z

← Older revision		Revision as of 09:04, 19 December 2017
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−	Professional indemnity insurance (PII) provides insurance cover against claims of negligence. It is widely used where professional services are being provided to a developer or contractor.	+	Professional indemnity insurance (PII), sometimes known as errors and omissions insurance(E&O), provides insurance cover against claims of negligence. It is widely used where professional services are being provided to a developer or contractor, and will provide insurance up to a specified insured sum where negligence is proven to have been committed on the part of the service provider.

	Run-off cover is a form of professional indemnity insurance that applies when a business, or individual stops operating in a particular field. This might be because the business has been sold, it has changed direction, it has gone into administration, an individual has retired, and so on.		Run-off cover is a form of professional indemnity insurance that applies when a business, or individual stops operating in a particular field. This might be because the business has been sold, it has changed direction, it has gone into administration, an individual has retired, and so on.

−	The fact that at form of practice has comes to an end, does not necessarily mean that the possibility of claims has come to an end. Claims can arise for years after projects have been completed, and it is important that practitioners maintain PII for as long as such a risk exists. Run-off cover provides indemnity to cover costs that are associated with a claim ~~made against those that are insured~~.	+	The fact that at form of practice has comes to an end, does not necessarily mean that the possibility of claims has come to an end. Claims can arise for years after projects have been completed, and it is important that practitioners maintain PII for as long as such a risk exists. Run-off cover provides continuing indemnity to cover costs that are associated with a claim.

−	As the likelihood of a claim reduces as time progresses, so the cost of a run-off policy ~~should reduce~~ year on year, although, some insurers offer run-off policies payable with a one-off premium as this can reduce the uncertainty of ongoing payments.	+	As the likelihood of a claim reduces as time progresses, so the cost of a run-off policy generally reduces year on year, although, some insurers offer run-off policies payable with a one-off premium as this can reduce the uncertainty of ongoing payments.

−	The nature of the work that has been undertaken will be an important factor in determining the length of time before a claim is likely to arise. From the date a problem occurs, the statute of limitations holds that a business or individual can be sued for up to six years. Therefore, six years of run-off cover is generally recommended, although businesses ~~may~~ opt for a shorter period as they may judge that claims are likely to be made earlier rather than later.	+	The nature of the work that has been undertaken will be an important factor in determining the length of time before a claim is likely to arise. From the date a problem occurs, the statute of limitations holds that a business or individual can be sued for up to six years. Therefore, six years run-off cover is generally recommended, although businesses sometimes opt for a shorter period as they may judge that claims are likely to be made earlier rather than later.

	= Find out more =		= Find out more =

Designing Buildings at 09:00, 19 December 2017

2017-12-19T09:00:56Z

← Older revision		Revision as of 09:00, 19 December 2017
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−	Run-off cover is a form of professional indemnity insurance which can be used when a business stops operations. Reasons for stopping can include the business being sold, changing direction/sector, going into administration, retiring, and so on.
−
	Professional indemnity insurance (PII) provides insurance cover against claims of negligence. It is widely used where professional services are being provided to a developer or contractor.		Professional indemnity insurance (PII) provides insurance cover against claims of negligence. It is widely used where professional services are being provided to a developer or contractor.

−	~~When~~ a ~~practice comes to an end, that does not necessarily mean~~ that the ~~possibility of claims~~ has ~~come to an end. Claims can arise for years after projects have~~ been ~~completed~~, ~~and~~ it ~~is important that practitioners maintain PII for as long as such a risk exists~~.	+	Run-off cover is a form of professional indemnity insurance that applies when a business, or individual stops operating in a particular field. This might be because the business has been sold, it has changed direction, it has gone into administration, an individual has retired, and so on.

−	~~As the likelihood~~ of ~~a claim reduces as time progresses~~, so the ~~cost~~ of a ~~run-off policy should reduce year on year~~. ~~Some insurers offer run~~-off ~~policies payable~~ with a ~~one-off premium. This can reduce the uncertainty of ongoing premium payments~~.	+	The fact that at form of practice has comes to an end, does not necessarily mean that the possibility of claims has come to an end. Claims can arise for years after projects have been completed, and it is important that practitioners maintain PII for as long as such a risk exists. Run-off cover provides indemnity to cover costs that are associated with a claim made against those that are insured.

−	~~From~~ the ~~date~~ a ~~problem occurs~~, the ~~statute~~ of ~~limitations holds that~~ a ~~business or individual can be sued for up to six years. Therefore, six years of~~ run-off ~~cover is generally recommended~~, although ~~often businesses opt for~~ a ~~shorter period~~ as ~~they judge any claim to be made earlier rather than later. Although it should be considered that~~ the ~~nature~~ of ~~the work will be an important factor on the length of time before a claim is likely to arise~~.	+	As the likelihood of a claim reduces as time progresses, so the cost of a run-off policy should reduce year on year, although, some insurers offer run-off policies payable with a one-off premium as this can reduce the uncertainty of ongoing payments.

−	~~Run-off cover provides indemnity to cover any costs~~ that ~~are associated with defending~~ a claim ~~made against those that are insured~~. ~~It will also reimburse any losses~~ that may ~~occur should the claim~~ be ~~upheld~~.	+	The nature of the work that has been undertaken will be an important factor in determining the length of time before a claim is likely to arise. From the date a problem occurs, the statute of limitations holds that a business or individual can be sued for up to six years. Therefore, six years of run-off cover is generally recommended, although businesses may opt for a shorter period as they may judge that claims are likely to be made earlier rather than later.

	= Find out more =		= Find out more =
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	* Indemnity.		* Indemnity.
	* Insurance.		* Insurance.
		+	* Latent defects.
	* Limitation of action.		* Limitation of action.
	* Professional indemnity insurance PII.		* Professional indemnity insurance PII.

Editor: Created page with "Run-off cover is a form of professional indemnity insurance which can be used when a business stops operations. Reasons for stopping can include the business being sold, changing..."

2017-12-15T17:35:16Z

Created page with "Run-off cover is a form of professional indemnity insurance which can be used when a business stops operations. Reasons for stopping can include the business being sold, changing..."

New page

Run-off cover is a form of professional indemnity insurance which can be used when a business stops operations. Reasons for stopping can include the business being sold, changing direction/sector, going into administration, retiring, and so on.

Professional indemnity insurance (PII) provides insurance cover against claims of negligence. It is widely used where professional services are being provided to a developer or contractor.

When a practice comes to an end, that does not necessarily mean that the possibility of claims has come to an end. Claims can arise for years after projects have been completed, and it is important that practitioners maintain PII for as long as such a risk exists.

As the likelihood of a claim reduces as time progresses, so the cost of a run-off policy should reduce year on year. Some insurers offer run-off policies payable with a one-off premium. This can reduce the uncertainty of ongoing premium payments.

From the date a problem occurs, the statute of limitations holds that a business or individual can be sued for up to six years. Therefore, six years of run-off cover is generally recommended, although often businesses opt for a shorter period as they judge any claim to be made earlier rather than later. Although it should be considered that the nature of the work will be an important factor on the length of time before a claim is likely to arise.

Run-off cover provides indemnity to cover any costs that are associated with defending a claim made against those that are insured. It will also reimburse any losses that may occur should the claim be upheld.

= Find out more =

=== Related articles on Designing Buildings Wiki ===

* Contractors' all-risk insurance.
* Directors and officers insurance.
* Indemnity.
* Insurance.
* Limitation of action.
* Professional indemnity insurance PII.
* Professional Indemnity Insurance clause in conditions of engagement.

[[Category:Policy]] [[Category:Construction_management]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]