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Professional Indemnity Insurance for Claims Adjusters, Manchester

Professional Indemnity Insurance for Claims Adjusters

Why does professional indemnity insurance for claims adjusters increasingly become important?

As a Claims Adjuster, you provide a service that comes with an expectation of a certain level of professionalism and specialist knowledge. If things were to go wrong then you could find yourself being held accountable for the financial losses of your client and the legal costs of defending your position. Professional indemnity insurance is designed to mitigate the effects of such actions.

Typical Claims example

A loss adjuster authorised payment of some items under a delegated authority agreement, but when the file was later audited by the insurers it turned out that the loss adjuster had not interpreted the cover under the policy wording and had authorised payments of 10k that would not have been covered by the policy. The Insurers claimed against the loss adjuster and he, in turn, used his professional indemnity cover to get the payment settled.

Hensure Business Insurance has an online solution that allows you to quote and buy your professional indemnity insurance in a matter of minutes. We can provide cover for public liability, employers liability and professional indemnity all from one simple to fill out online procedure.

Click on the quote button to progress an instant competitive quotation in minutes. If you require any further information, please do not hesitate to contact us today.

What limit of indemnity does professional indemnity insurance for claims adjusters need?

The limit of indemnity you require under your policy is generally for you to decide based upon your own assessment of the exposures that you face in your business. It is worth bearing in mind that the costs involved in defending professional Indemnity claims can be astronomical so this needs to be taken in to account.

Claims Made Basis of Cover rather than claims occurring basis.

It is important to understand that Professional Indemnity policies are written on what is called a ‘claims made’ basis. This means that they provide cover for claims made against you during the policy period (ie after the inception or renewal date) that relate to work that you have done at any time after the Retroactive date.

What is the retroactive date under a professional indemnity policy?

Policies on a claims’ made basis should include a retroactive date to protect the policyholder against claims in respect of work undertaken prior to the current policy year. The retroactive date should coincide with the date you started trading or the effective date of your first claims professional indemnity policy. It is possible to arrange a policy with a retroactive date of none, which effectively provides cover in respect of all previous periods.

Click here for more information regarding getting a professional indemnity insurance for Claims Adjusters


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