QDOS insurance invalidated once stop working via LTD company?

[aligning2020]

I think I've done due diligence and can't see the question or answer to this anywhere in the forums?! I've heard that QDOS insurance is invalidated once you stop working via your limited company. E.g. you move to an umbrella arrangement or simply stop trading. I've had a look through the small print and can't quite fathom it. Anybody have a better understanding/clearer view? Thanks

[Paralytic]

I think I've done due diligence and can't see the question or answer to this anywhere in the forums?! I've heard that QDOS insurance is invalidated once you stop working via your limited company. E.g. you move to an umbrella arrangement or simply stop trading. I've had a look through the small print and can't quite fathom it. Anybody have a better understanding/clearer view? Thanks

"I've heard"? From whom? If its not in the small print, then that's probably a pointer.

If only there was a company you could phone up and ask...

[northernladuk]

If only there was a company you could phone up and ask...

Toally this....

[jamesbrown]

Yes, as I recall, their tax liability policies are written on a claims made basis, which is extremely common in the insurance industry. The policy must be in place at the time the claim is made. There are a few companies that offer cover for a defined period (e.g. Markel, formerly Abbey Tax).

[Paralytic]

Yes, as I recall, their tax liability policies are written on a claims made basis, which is extremely common in the insurance industry. The policy must be in place at the time the claim is made. There are a few companies that offer cover for a defined period (e.g. Markel, formerly Abbey Tax).

That's not what was suggested though:

"I've heard that QDOS insurance is invalidated once you stop working via your limited company. E.g. you move to an umbrella arrangement or simply stop trading."

ie. even if you still have a insurance in place, it is invalidated if you go via an Umbrella. I suspect it was a confused mind who came up with that.

[jamesbrown]

That's not what was suggested though:

"I've heard that QDOS insurance is invalidated once you stop working via your limited company. E.g. you move to an umbrella arrangement or simply stop trading."

ie. even if you still have a insurance in place, it is invalidated if you go via an Umbrella. I suspect it was a confused mind who came up with that.

I read what was written. You can interpret my answer how you want. If the insurance lapses (e.g., because it was paid by your company for your company and your company no longer exists), then the insurance basis is claims made. Sure, if there is a valid contract in place at the time a claim is made, it will be honoured to the extent the T&Cs are met.

[Paralytic]

I read what was written. You can interpret my answer how you want. If the insurance lapses (e.g., because it was paid by your company for your company and your company no longer exists), then the insurance basis is claims made. Sure, if there is a valid contract in place at the time a claim is made, it will be honoured to the extent the T&Cs are met.

Yes, we are in agreement..

[GhostofTarbera]

Yes, we are in agreement..

I also concur


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[northernladuk]

I also concur


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And as I also agree I will allow this thread to continue.

[Paralytic]

I also concur

And as I also agree I will allow this thread to continue.

I disagree with both of the above.