Claims Made Basis:
This means you are insured for claims made and reported during the period of insurance, that arise out of work undertaken after the Retroactive Date detailed on your schedule.
Continuous Professional Indemnity Insurance:
This means you must have held suitable professional indemnity insurance, with no gaps in cover, for the entire period for which you wish us to provide Retroactive Cover, and be able to evidence this in the event of a claim.
Material Fact:
Anything you know about at the time you buy this policy and which, if it were disclosed to us, may affect our decision to provide you with cover under the standard terms of this insurance policy.
Minimum and Deposit Basis:
If you buy this policy from us you have a 14 day cooling-off period, during which you receive a full refund if you cancel the policy, provided you have not undertaken any work as an inspector or consultant in between buying and cancelling the policy. If you have undertaken such work during this period no refund is payable. After the cooling off period the amount you pay cannot be refunded in part or in whole. If your fee income for direct work during the policy period exceeds the maximum amount you have chosen by 10% or more, you must contact us, and we will advise whether an additional premium is due.
Retroactive Cover:
This provides cover for claims notified when this policy is in force, but which relate to business activities or contracts entered into between the Retroactive Date and the day you buy this policy. The Limit of Indemnity under this cover will be the lowest limit of cover you have held, either under this policy or any previous policy. This cover is ONLY included if you have held Continuous Professional Indemnity Insurance. If you have not held Continuous Professional Indemnity Insurance your cover will begin on the day you buy your policy from us. This means that you will only be covered for business activities undertaken or contracts entered into after that date.
Retroactive Date:
The date from which Retroactive Cover applies.