Professional Indemnity FAQ

Cancelling a Professional Indemnity policy

Cancelling Professional Indemnity policies

We are able to cancel most policies though some are “non-cancellable covers. Certain occupations and certain insurers (ie Lloyds syndicates) may have this requirement.  There are a number of reasons this is done primarily because Professional Indemnity is a claims made policy and once it is cancelled, there will be no coverage protection for any of your past work performed. Claims do not always arise immediately after an error or omission is made, it can be found a few years later and it is at that time you make a claim but only on a current policy. Therefore it is normal practice to “run off” the risk by continuing cover.

The public liability is not too much of an issue as it is a loss occurring cover, and the date the incident took place within the policy period will be covered.

If the policy allows it to be cancelled, then generally a prorated premium is calculated less an administration charge (approx 20% of the return premium) and this is returned to you. However if you have funded the premium (paying off in monthly instalments) then it is first returned to your premium funder to pay off the remaining amount owed. They either collect any balance owing or return any left over to you.

To formerly cancel, we need an effective date and your instructions in writing to cancel from that time as we forward this to the insurers. We will then arrange from there.

If you wish to discuss this further, please do not hesitate to call us.

  

Latest News

Three Years running - Insurance Brokerage of the Year 1 to 5 staff

Mandy and Robert Cooper were extremely honoured and astounded to once again win, Insurance Brokerage of the Year for 2020 from Insurance Business Australia magazine. This is the third year running.

While this year has not been the easiest of years for the business with Covid 19, the Recession, the hard market and issues at Lloyds of London, we are literally all in this together as an Insurance Industry.

CPR Insurance Services continues to make our clients the number one focus of our business while managing our relationships with Insurers, who we need more than ever in this market climate.

CPR Insurance Services are a highly ethical Brokerage with a reputation as a trusted advisor who always acts in the Client's best interests. Their experience, knowledge and expertise is amongst the highest in the industry.

CPR Insurance Services is now ten years old as a business and is proud of being an Authorised Representative of Ausure and their partnership with Steadfast, giving CPR the strength and backing to match it with any Broking firm in the Insurance Industry, but remain focussed on supporting the Small to Medium business segment.

Memberships of the National Insurance Brokers Association, Australia and New Zealand Institute of Insurance and Finance, Australian Insurance Law Association, Australian Professional Indemnity Group and the Australian Institute of Company Directors, ensures CPR Insurance Services maintains the high standard of knowledge and expertise required to be one of the best Brokerages in Australia.

CPR Insurance Services also plays a strong role in their local community supporting other Sporting Clubs and Community organisations. They also support and promote local businesses with their operation of the Kedron Brook Business Group who meet regularly and has 174 members.

We are truly honoured to receive this National award once again for the third year as a recognition of CPR Insurance Services contribution.

read more

Finalist for QLD Broker of the Year

Robert Cooper was honoured to be nominated as a finalist for Queensland Insurance Broker of the year for 2020, as part of the National Insurance Brokers Association. Unfortunately he missed out on the ultimate award but is a reflection of the high standard that the industry now has for such awards.

read more