PI Insurance on Bench

[Hex]

PI Insurance is (almost?) always underwritten on a "Date Claims Made" basis rather than a "Date Loss Occurred" basis which means you must have currently valid insurance at the date you make the claim against it.

They are insuring you against the likelihood of you making a claim in a 12 month period. There will be a limit on the amount you can claim in total in that 12 months usually - e.g. £1M.

[Mustang]

that I need to keeping shelling out for insurance until every single system I've ever tinkered with is decommissioned?

I think you will find that there is a statutory limit on claims. As long as you have cover over this period you are fine and then you can stop being insured. Please check with someone that is qualified though - I am not!!

[TheFaQQer]

The broker has confirmed that the insurance needs to be kept renewed up to date in case of legal claim.
Eh, doesn't that mean, in case of paranoia, that I need to keeping shelling out for insurance until every single system I've ever tinkered with is decommissioned?

I'd guess not, since they would need to sue your company rather than you personally (I think!).

It's probably worth keeping the insurance for a bit after you stop work, though - in the same way that I would keep some degree of IR35 protection going for a while after I stopped work, just in case there was an investigation.

[swamp]

A number of my contracts have required PI insurance, but if I was ever claimed against I'd just close the company. I'm buggered if I'm going to spend £450 a year ad-infinitum.