Run-off insurance, also known as “extended reporting period” insurance, provides cover for claims that may arise after a professional has retired or ceased trading. This insurance cover is essential for professionals who may face claims relating to work they completed before their retirement or end of trading.
Claims can arise years after your work is completed, and if you do not have run-off insurance in place, you could be liable for the costs of defending against these claims.
For example, if a will you wrote is found to be invalid due to errors or omissions, the beneficiaries or family members affected may file a claim against you, even if you have retired or ceased trading. Without run-off insurance, you would be responsible for the costs of defending against this claim, which can be significant.
The length of time that you need run-off insurance will depend on your individual circumstances.
For more information please call Marsh Commercial on 0330 818 7624 or visit our website. You will also find us on stand 7 at this year’s Conference.
#SWWCon23 | Book your place here.
This article was submitted by Marsh Commercial as part of their sponsorship package for the 2023 SWW Conference. The views expressed in this article are those of the submitter and not those of The Society of Will Writers.