Switching from another insurer.
Switching from one insurer to another is more straightforward than it’s often assumed. The key is understanding how your current policy is structured, and how your historic cover will transfer. Once that’s clear, the team at Primus will ensure the transition is handled properly, with no gaps and no unnecessary complexity.
A Claims Made policy operates on a single evolving contract.
Each year, your policy covers:
- The coming year’s work
- A defined retrospective period covering previous years
At renewal, that retrospective period expands. The policy grows with you.
If you move from one insurer to another, your new policy includes retroactive cover back to the agreed date, meaning there’s no gap in protection.
There’s no additional premium for historic cover when structured correctly. It’s built into the policy.
When you retire, the run-off element begins automatically, continuing protection for a minimum of 21 years.
If you’re at all unsure how your current cover operates, ask for written confirmation from your provider before making your move.
Starting out in Private Practice - Year 1.
You purchase your first insurance policy with “ABC Insurance” to cover you for your coming year’s work. The policy will start on 01/01/2024 and will expire on 31/12/2024.
As this is your first year, there is no requirement for historical cover, with your retroactive date now set at 01/01/2024.
Cover for the coming year's work provided by "ABC Insurance"
Renewing with ABC Insurance - Year 2.
Having completed your first year of Private Practice, you renew your insurance with “ABC Insurance”, with your new policy starting on 01/01/2025 and expiring on 31/12/2025.
This indemnifies you for the coming year’s work, as well as providing retroactive cover from 01/01/2024 for any claims arising from work undertaken in the previous year.
Retroactive cover for historic work provided by "ABC Insurance"
Cover for the coming year's work provided by "ABC Insurance"
Switching to Primus - Year 3.
Having completed your second year of Private Practice, you become aware of the market-leading policies offered through Primus. Having received a quotation and accepted it, the policy with Primus starts on 01/01/2026 and expires on 31/12/2026.
This means Primus will now cover you for the coming year’s work, as well as providing retroactive cover from 01/01/2024 for any claims arising from work undertaken in the previous years. There is no additional cost for this; it is included within the premium quoted.
Retroactive cover for historic work provided by Primus
Cover for the coming year's work provided by Primus
As the consultant renews their insurance policy, the period it covers will continue to grow. When the consultant retires, the “run-off cover” or “tail cover” element of the policy starts, providing cover against any claims that may arise during their retirement.
For the policies offered by Primus, there is no cost for run-off cover and it will cover you for a minimum of 21 years into retirement.
If you are at all unsure about the basis on which your current cover is provided, please speak to your current provider and request that they confirm it in writing.
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