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

CPR joins Ausure

We would like to announce to all our Clients, Prospective Clients, Suppliers and Insurers, that Cooper Professional Risks Pty Ltd trading as CPR Insurance Services, will be leaving National Adviser Services Pty Ltd (NAS) and joining Ausure Pty Ltd as a Corporate Authorised Representative from 5 March 2018.

Fundamentally, there is no difference to you, except our Invoices will look a little different, and the Banking details will be in a different name and account number. Everything else at CPR stays the same.

There are a number of reasons we have made this decision, but the primary reason is for what we believe is best for our clients.

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Special offer to CPR Insurance clients

Employsure are providing a FREE Business Health Check to all our clients and gives you the opportunity to receive an analysis of the health and safety requirements in your workplace. Also. Employsure  will review your employment agreements as well as your wage rates helping you to avoid workplace claims.

Ordinarily this would cost you at least $1,250 but because you are a CPR Insurance client, it is free!

It involves the following review for you.

SAFECHECK

A specialist Work Health and Safety Consultant will visit your workplace and carry out:

A review of your business’ current work health and safety policies, procedures and systems to identify areas of concern or non-compliance

Following the review, you will receive a report summarising the findings and the health and safety

Status of your workplace

WAGE CHECK

A Wages Adviser will review your rates of pay and produce a Wage Check report.

The review will be conducted against the industrial instrument applicable

A report will be supplied advising if the wages are compliant and what steps to take to achieve compliance

CONTRACT REVIEW

A Document Consultant will review an employment agreement and provide recommendations.

The review will highlight compliance issues with the Fair Work Act 2009 as well as best practice

The report will make recommendations to achieve compliance and provide protection to your business.

This will remove any areas of potential dispute and risk

So what do you have to lose? Contact us on 07 3123 1137 and arrange 

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