Chris Lamb of Wymark Sirius Insurance Brokers gives a rundown of the key terms pest managers should be familiar with.
Wymark Sirius Insurance Brokers manage all pest insurance needs including Liability and Professional Indemnity covers, Business Insurance, Motor and General Property, and can arrange any other covers pest managers may require. Our specifically tailored pest insurance products are underwritten through QBE Insurance, Australia’s largest global insurer. This means you are in safe hands when compared to some of the alternative options in the market. Wymark Sirius Insurance Brokers will stand with you should you need to make a claim. Our experienced claims management team will ensure your case is professionally managed to completion (at no cost). Remember, we represent you, not the Insurer.
The insurance hit list – what you need to know about your insurance
Your retroactive date is a very important aspect of your insurance and should be treated this way when considering transferring your existing insurance cover. The retroactive date applies to a claims made policy and stipulates the date from which claims can be made against a policy that is current for work previously performed. If you transfer your insurance cover to another provider and do not transfer the retroactive date, cover will only be in place from the date that you have taken out cover on the new policy. All work performed prior to this date will now no longer be covered in the event of a claim if the policy was written on a claims made basis.
Claims Made Policy
A “Claims Made” policy means that a claim triggers when you first become aware that you may have an issue. It is the current insurance policy that deals with the notification, not when the error or mistake actually occurred.
This is another important aspect of a Claims Made policy that a lot of people tend to forget. The onus of notifying the Insurer of a claim or potential claim is on the Insured and must be reported to the Insurer during the policy period.
Run Off Cover
If you choose to retire or sell your business you may still have an exposure to potential claims being made against you even though your business has ceased to operate or is no longer under your ownership. Run Off cover provides coverage for claims made against your business during the period the policy is in effect (including for previous work performed stretching back to the retroactive date).