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Looking for a professional indemnity quote? Instant online quotes available

Looking for a professional indemnity quote?

If you are looking for a professional indemnity quote, look no further. The traditional method of obtaining a quotation for a professional indemnity risk has been to fill out and sign the relevant professional indemnity proposal form for your trade.

However times are changing and it is now possible to obtain a professional indemnity quote online via the internet for a growing number of trades. Insurers are constantly improving their quote engines and the logic behind them to enable them to assess a risk more quickly and deliver a quick and efficient ‘quote and bind’ facility. This method of obtaining a professional indemnity quote is especially suitable for smaller firms with a relatively low turnover where the underwriters view the exposure to be relatively small.

For larger more complex risks the traditional method including a proposal form continues to be the market norm. It is essential that a proposer gives a full description of their activities when completing a proposal form as this is the basis on which underwriters will look to set the price for the risk involved.

The underwriters will use the proposal form to extract the data that they think is relevant in order to rate the risk. The main areas of interest will be:

  • Business description
  • Size of firm in terms of fee income or turnover
  • Qualifications and experience
  • Contract sizes
  • Claims experience and retroactive exposure.

Most online insurance is written on the basis of a ‘statement of fact’ .This relies on the concept of ‘utmost good faith’ and so It is essential that you answer all of the questions posed through the on line quote engine as accurately as possible, as the ‘statement of fact’ forms the basis of the insurance contract.

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When you get the quotation take time to read through it properly and make sure that you understand all the endorsements that are highlighted on the policy and all the exclusions.

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 (i.e. after the inception or renewal date) that relate to work that you have done at any time after the retroactive date. You must therefore ensure that the retroactive date mirrors the date from your current policy or else you will not have cover for your past work.

Also check the basis of the cover offered- is it ‘any one claim’ or in the’ aggregate’ and the territorial limits and jurisdiction offered under the policy.

For more information, please contact us now.

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