A professional who has purchased professional indemnity insurance will usually have to continue purchasing cover for years after work is completed and for as long as claims could arise.
However, the Momenta Insurance scheme provided by HISCOX uniquely provides automatic run off cover for three years.
All professional firms purchase professional indemnity insurance to protect against claims and defence costs arising out of allegations from clients that the work undertaken for them may have caused financial loss. Usually clients expect consultants providing advice or professional services, to have such cover in place.
Professional indemnity policies provide cover for “claims made” during the policy period. As claims are most likely to be made after the work, and often the contract, is completed, insurance must be purchased for as many years as this potential “run off” exposure could continue.
The Momenta Associates Insurance scheme provides a unique solution for a contractor’s potential “run off” liability and it is not solely available to Momenta Associates. Read on.
The Momenta Associates Insurance Scheme
The scheme offers competitive monthly premiums for professional indemnity, public and employers liability insurance to protect the consultant should a client allege professional negligence or that you have legal liability to a third party for injury or damage.
Although designed to meet the needs of associates undertaking work for Momenta it is also available to and suitable for contractors who are not currently working for Momenta.
The unique aspect of the professional indemnity cover is that run off cover is automatically provided for three years after the policy expires so cover does not need to continue to be purchased after work declared on the application is completed. This will be particularly useful for limited period contracts as contractors will continue to be protected against claims arising after they have completed the insured work declared on the proposal form.
In summary the scheme provides:
- Competitive premium rates: premiums from £240 per annum for professional indemnity and public liability.
- Meets the specific requirements of Momenta and clients.
- Fulfils Momenta’s internal vetting requirements as the documentation review process is quicker.
- Underwritten by Hiscox Underwriting Ltd, recognised as one of the leading insurer for these classes of insurance.
- Simple application process with cover and documentation quickly available from Hiscox - (subject to satisfactory completion of the application process).
- Run off cover is automatically provided for three years after the policy expires.
- The scheme has been developed for Momenta and is arranged by Arthur J. Gallagher Insurance Brokers.
For further details please refer to the scheme web site at http://www.momenta-associate-insurance.co.uk/pi-insurance.html
Find out more
To find out more about the Momenta Associate Liability Insurance Scheme - and access product guidance, immediate cover and documentation - please click here.
If you're new to contracting and are unsure about whether Liability Insurance is for you, we have a short overview you can read here.
About Arthur J. Gallagher
Arthur J. Gallagher is one of the world's largest insurance brokerage and risk management companies. Its international reach ensures it can offer client service capabilities in more than 150 countries. Catering for business needs from more than 50 locations across the UK its services include programmes for complex multi-nationals and small, single territory firms and broker services. It has worked with Momenta and Hiscox to design and develop this facility for Momenta's Associates. Hiscox is the sole provider of this facility and have been chosen because they are one of the leading Professional Indemnity and package insurers.
Momenta is an appointed representative of Arthur J. Gallagher Insurance Brokers Limited which is authorised and regulated by the Financial Conduct Authority. Registered Office: Spectrum Building, 7th Floor, 55 Blythswood Street, Glasgow, G2 7AT. Registered in Scotland. Company Number: SC108909. www.ajginternational.com