Insurance is somewhat of a grudge purchase, most people don’t really want to pay for it as you may never claim or need help with your policy and it can feel like a cost that just ticks over year on year. My question to you is ‘do you know if your policy will cover you at claim time?’
If you shop around you may get a better price, just remember it’s all about the fine print. I challenge you all to review your Natural Therapist policy and ask questions, you should know what you’re paying for and understand what your policy does and doesn’t do.
For example, some insurance brokers may have a ‘claims made’ insurance solution which will only provide cover if the claim is notified to you and the insurance company during the present period of insurance.
Why is it important to know the difference between claims made and occurrence based?
For example: if ‘claims made’ cover was in force with insurer A between 2000-2005, then transferred to another insurer, and a claim is notified today in relation to an incident in 2002, the policy with insurer A would not respond and consider the claim.
Also on a ‘claims made’ policy, there may be a ‘retrospective date’. This is commonly but not always the same as the inception date of the first purchase of a claims made policy and states that no cover applies to any incident occurring before that date.
What options may be available?
Gallagher has an ‘occurrence based’ insurance solution for Natural Therapists which provides cover for incidents occurring during specific periods of insurance and those periods of insurance remain insured even if you don’t renew or replace the cover.
For example: if ‘occurrence’ cover was in force with insurer A between 2000–2005, then transferred to another insurer, and a claim is made today in relation to an incident in 2002, the policy with insurer A would response and consider the claim.
If you hold an existing claims made insurance policy with another broker, Gallagher can pick it up from the original start date to ensure you always have occurrence based insurance. *
*Please note for the retrospective offer to apply you cannot have had a break in cover.
We are here to help you, if you have questions do not hesitate to contact the Specialty Risks Team.