Run-Off Cover
Futureproof Professional Indemnity cover
Protect your future from the present up to 30 days after your Kingsbridge Professional Indemnity policy has expired.
Run-Off Cover
If you’re a contractor or freelancer, taking out Run-Off Cover to protect against Professional Indemnity claims made after the work is done is one of the most effective things you can do. If you do ever fall foul of a claim, your Run-Off Cover will kick in to provide you with a safety net.
What is a claims-made basis?
Professional Indemnity protects you against claims for negligence (such as making a mistake or giving wrong advice) and for loss of documents, loss of data, breach of intellectual property, and defamation and libel.
This type of cover operates on what is known as a ‘claims-made basis’. This means that the cover will only respond if you have a policy in place when the claim is made against you.
Why consider Run-Off Cover?
Most Professional Indemnity claims are not made until at least 6 months after the work has been completed. In some cases, we’ve seen claims come in up to 6 years after a job’s been done.
If you don’t have the right insurance at the time the claim arrives, then you’ve got a problem. If you have ceased trading, then Run-Off Cover could be a good option for you. It will provide Professional Indemnity Insurance for up to 6 years, for claims relating to previous work.
Key Features
Stay protected with Run-Off Cover from Kingsbridge.
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Futureproof Professional Indemnity cover
Futureproof Professional Indemnity cover
We offer Run-Off Cover to anyone with an existing or previous Kingsbridge policy, for either 1, 3, or 6 years. Keeping you protected long after the work is done.
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Extended purchase time
Extended purchase time
Run-Off Cover is available to purchase up to 30 days after your Kingsbridge policy has expired, giving you more time to get your business affairs in order.
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Cover for work completed in the past
Cover for work completed in the past
Professional Indemnity insurance works on a ‘claims made’ basis, meaning you need cover in place when a claim is made against you. With many claims made after the completion of a job, it’s important to keep some protection in place.
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Lower price
Lower price
Many insurers offer Run-Off Cover at the same price you’d pay for an annual policy. At Kingsbridge, our one-year Run-Off Cover is less than 25% of the average annual policy cost, starting at £111.44* (inc. IPT) for one year.
*This premium is based on £1,000,000 Professional Indemnity and costs can vary depending on your cover and industry.
Cover options
Anyone with an existing or previous Kingsbridge policy can purchase run-off cover up to 30 days after cover expires. The number of years your choose is up to you:
- 1 Year at £111.44
- 3 Years at £223.44
- 6 Years at £335.44
All prices include Insurance Premium Tax at 12%.
These premiums are based on £1,000,000 Professional Indemnity and costs can vary depending on your cover and industry.
Please be advised, if your policy has been subject to a Professional Indemnity Increase, or RICS minimum requirement cover, then there will be an additional charge subject to our underwriters quote.
Run-off cover must be purchased no later than 30 days after your Kingsbridge policy expires.
Cover is not available for Media and Creative policies, which are underwritten by QBE or Accredited Insurance (Europe) Limited.
Find out more
Fill out the form below and we will call you back to explain the different cover options.
Frequently asked questions
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Who can purchase Run-Off Cover?
If you have ceased trading and currently hold Contractor Insurance with Kingsbridge, then Run-Off Cover could be a good option for you. It will provide you with Professional Indemnity Insurance for up to 6 years to cover claims relating to previous work.
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What happens if I hold Run-Off Cover but go back to trading?
If you choose to return to trading with your Limited Company and purchase a Combined Liability Policy (such as our Contractor Insurance) then we can cancel your Run-Off Cover and provide a pro-rate refund.
