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Run Off Pi

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About Run Off Cover

There is no great mystique to Run Off Insurance. However, it is often seen as being something vastly different to normal Professional Indemnity Insurance. The key to understanding run off cover is in understanding the "Claims Made" nature of the cover.

When any professional practice comes to an end, it is essential that it continues to benefit from professional indemnity cover for claims which may be made after the practice has ceased trading, in respect of work carried out previously.

This newsletter is designed to help your business consider the issues surrounding run-off cover and looks closely at the question of how long it should be maintained.

Like any other business, professional practices are subject to change. When that change leads to a closure of the practice, professional indemnity insurance cover is crucial to protect against claims which may continue to arise after the practice has ceased trading.

This is particularly important when the principals or partners go on to form other businesses, or when one partnership merges with another.

Here, we take a look at the run-off cover options.

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