Yes, it may be possible to change Professional Indemnity insurers during the policy period.

However, changing insurers mid-term requires careful consideration because Professional Indemnity Insurance is generally written on a claims-made basis.

Reasons you may consider changing insurer mid-policy can include:

• Your business activities have changed and the current insurer cannot accommodate them
• You require a higher limit than your existing insurer can provide
• You begin undertaking work in a country or jurisdiction your current policy cannot cover
• A contractual requirement cannot be met by the existing insurer
• Your business has changed materially through acquisition, restructuring or expansion

Before cancelling an existing policy, important issues to consider include:

• The retroactive date under the replacement policy
• Whether past professional services will continue to be covered
• Any known claims or circumstances that need to be notified to the current insurer before cancellation
• The terms and exclusions of the proposed replacement policy
• Cancellation charges or premium refunds
• Whether there could be any gap between the two policies

You should not cancel an existing Professional Indemnity policy until the replacement arrangements have been confirmed and the continuity of cover has been reviewed.

In many cases, changing insurer at renewal is simpler, but there are circumstances where a mid-term change may be appropriate.

Contact our team before making changes so we can review the existing and proposed policies and identify any continuity issues.