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Professional Indemnity Insurance FAQs

What is retroactive cover?

You can purchase back cover for work you have done by setting a‘retroactive date’. So when you purchase your Professional Indemnity (subject to no known claims) your insurer would consider cover for work you have done prior to the date you purchased the Professional Indemnity policy.

What does aggregate cover mean on a Professional Indemnity Policy?

When you choose the limit of Indemnity on your Professional Indemnity Insurance policy as aggregate cover mean this is the maximum cover you will be able to claim against in any one year, you could have a series of claims during the year however each one of those claims would reduce the original limit down, For example: If you purchased a £1,000,000 aggregate limit of indemnity and had a £500,000 claim, this would then only leave £500,000 for any further claims that year.

What is including costs?

If your Professional Indemnity policy mentions this you would have reduced cover on your Indemnity limit for any legal costs occurred and be responsible for any legal cost up to the excess set.

What is excluding costs?

This means that both on your excess and level of Indemnity on your Professional Indemnity policy you would not  have any reductions level set being deducted for the cost to deferred you to be responsible for any legal cost on the excess set (the only time you would be responsible for your excess based on an excluding costs policy would be if you had to pay damages).

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