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

Robert Cooper - one of 100 faces of small business

This week it was announced as part of Small Business Week,  that Robert has been named one of the 100 faces of small business for a State Government promotion on the great value that small businesses play in the State of Queensland.

You can see Robert's entry here:

It is the third accolade for CPR Insurance Services in a month and after seven and a half years in business is a real pep up for the company.

For Robert, it is the culmination of many years experience, becoming well qualified, experiencing the highs and lows of a career and always wanting to contribute to his community. Sometimes, these things just come together and you receive recognition for your efforts.

Robert says that there is no doubt that starting your own business is a huge challenge, but with the right research and planning, the right people around you and a good set of values that you apply to the vision of the company, you have a very good chance of making it all succeed.

Robert says he is lucky. He has a strong supportive Wife, Mandy, who is also part of the business, along with efficient and hard working staff such as Julia McLauchlan and Aidan Harmer who are building up their own skills in a learning environment. 

However, the most important and most supportive people for CPR Insurance Services are our clients who have stuck by us and supported us over the past seven years. Our focus remains on providing the best possible service we can and always acting in their best interests. To all our clients, we say thank you!

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CPR Insurance wins Brokerage of the year

CPR Insurance Services picked up the award for the Best Brokerage (1-5 staff) in Australia, last Friday Night (4th May 2018) at the Insurance Business Magazine Awards held at the Westin in Sydney.

Judging came from various parts of the industry. It is a great honour to be recognised for our hard work and particular Business values we follow. A full list of winners is listed here.

Success comes from having great staff, and we thank Aidan Harmer and Julia McLauchlan as important support staff for helping us win such an award.

CPR Insurance has been in operation for more than 7 years now and is only successful because of the wonderful support from our staff, insurers and most importantly, our fantastic clients who put their faith and trust into our company to be their Risk Advisers and Brokers. 

Thank you to all.

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