We provide arbitrators professional indemnity insurance quotes and cover, at highly competitive rates from our panel of leading professional liability and professional risks insurance providers in the United Kingdom.
Why does an arbitrator need professional indemnity insurance?
Like all those providing professional services, arbitrators provide a service that comes with an expectation of a certain level of professionalism and specialist knowledge. When things go wrong the arbitrator may well be held to account for any financial losses with legal action and arbitrators professional indemnity insurance is designed to mitigate the effects of such actions.
What does arbitrators professional indemnity cover?
The arbitrators professional indemnity insurance policy protects the policyholder against claims made against them in respect of their legal liability for losses arising from a breach of professional duty.
What limit of indemnity does an arbitrator need for professional indemnity insurance?
The limit of indemnity your require under your policy is generally for you to decide based upon your own assessment of the exposures you face in your business and the likelihood of a claim or number of claims. Many policies for arbitrators will have a limit in the aggregate and you will need to include this in your considerations.
Are arbitrators professional indemnity policies on a claims made or claims occurring basis?
The majority of professional indemnity insurance policies for arbitrators are issued on a claims made basis and this has implications that need to be considered when you cease trading, sell your business or retire with a possible run-off insurance requirement.
What is the retroactive date under a professional indemnity policy for an arbitrator?
Policies on a claims made basis should include a retroactive date to protect the policyholder against claims in respect of work undertaken prior to the current policy year. The retroactive date should coincide with the date you started trading or the effective date of your first arbitrators professional indemnity policy. It is possible to arrange a policy with retroactive date of none, which effectively provides cover in respect of all previous periods.
How much is arbitrators professional indemnity insurance?
The cost of your arbitrators professional indemnity cover will depend upon a few key factors including the exact nature of the work you undertake, how much work you undertake annually, your previous experience and whether you have previously had any claims made against you. Generally speaking the cost of professional indemnity insurance for an arbitrator has reduced in recent years as a result of greater competition and a greater awareness of the risks faced by arbitrators?