More Problems for Experts
For many years Experts have been heard to say ‘who needs insurance’. The Academy has according to some been out on a limb insisting that members carry Professional Indemnity insurance.
You will probably be unaware of the number and complexity of problems that can be faced and it therefore should not be a surprise to learn that as our Scheme comes up for renewal we have a number of ‘incidents’ being dealt with by underwriters as claims under the policy. In fact in the last few months there have been more incidents reported than we are aware of for the last ten years.
Nobody needs insurance until a potential claim arises and that is the time you cannot buy cover. Are you satisfied that your cover is in order? If you only have the basic £500,000 cover on our Scheme consider increasing it to £1 million. The cost is negligible and is tax deductible. Remember that the cost of ‘winning’ a claim against you can be very substantial and that top class legal advice is not cheap.
If you are retiring from practice do not forget to obtain ‘run off’ cover – remember it can be years before past problems come home to haunt you. The Academy’s Scheme has a special run off facility for retired members.
We Academy members already benefit from an incredibly cost effective Scheme – £52.50* for £500,000 or £78.75* for £1,000,000 of cover. With the new rates we still have a tremendous value Scheme. So many members have told us of the substantial savings they have made that we are confident that even with the basic increase our Scheme still will represents first class value at a fraction of the normal market rate. This is of course one of the by products of our Vetting Procedures.
This article is an Extract from ‘Update Volume 10 Issue 1‘, January 2002