Legacy insurance

[Billett]

Hi,

Would someone point me in a direction that I could get some legacy run off insurance. I closed my business a year ago and read I should have kept my insurance running.

My current broker said he can't help me in this area. Would anyone know where I can look? It's just retail liability insurance

Thanks

 

[ChrisCallaghan]

Hello @Billett ,

What was your business' structure? e.g. sole trader, Ltd etc?

 

[Billett]

Sole trader

 

[WaveJumper]

Speak to @Frank the Insurance guy

 

[Frank the Insurance guy]

Spoke to @Billett

For benefit of other members insurance policies are usually on a "claims occurring" or a "claims made" basis.

Claims occurring - this is the norm for most policies including Employers, Public and Products Liability. Once the policy has been cancelled the insurer and the policy will still respond to claims relating to actions or products sold when the policy was in force, even if a claim was made against you after the cover was cancelled.

Claims Made - this is usually for Professional Indemnity (and sometimes high risk Products Liability such as medical equipment). You must have insurance in place at the time a claim is made against you, not when you did the work or provided the services. ie. if you can your policy and it is on a "claims made" basis, you will have no cover whatsoever for any claims that are made against you after the policy cover ceases.

You will need to check your policy wording to see which applies. If on a claims made policy, then you will need some additional cover (Run-off) cover to ensure you continue to benefit from insurance protection.