As many of your will be aware, we provide face painters liability insurance and have been involved in this class of business for some time. We continually try to develop our product to meet the requirements of our customer base and to attract new customers. We think that the information that has come to light regarding certain products in the market should be of serious concern to some face painters and we are taking this opportunity to make you aware of the information and a possible remedy for you.
Basis of claims settlement
It has come to our attention that certain policies in the market are being issued on a claims made basis rather than a claims occurring basis, the latter should be regarded as the norm for this class of insurance. A policy that is issued on a claims made basis has some clear disadvantages to you as a customer.
You can obtain more information on exactly what the difference is on the claims made vs claims occurring basis page but in brief a policy issued on a claims made basis only offers you cover in respect of claims made against yo whilst the policy is in force as opposed to claims occurring which indemnifies you in respect of claims arising from an incident that occurred whilst the policy was current.
This can leave you exposed to claims made against you once you have ceased trading or during any quiet period in business when you decide not to continue with your insurance.
Retroactive insurance for face painters liability
Having been repented with this information, we have considered the difficulty and concerns that some people may have with their arrangements and have agreed that we will include retroactive cover for previous years trading at an additional one-off premium of £10 in addition to the standard cost of our policy.
The face painters liability insurance policy from Blackfriars provides for a limit of indemnity of £5M any one occurrence and is priced at £59.06 for annual cover. This premium will increase if additional people or employees are to be included in the insurance.
Should you have any queries regarding any of the information provided in this update, please call us directly to speak to a broker who will be happy to assist you.