Professional Indemnity Insurance and Fitness to Practice Cover
IIRRT members can avail of exclusive insurance schemes. We have arranged a number of schemes with specially negotiated policy features and rates through Glennon Insurance.
The professional indemnity insurance protects against your legal liability arising from the provision of professional services and activities as outlined by the IIRRT, and the fitness to practice legal expenses insurance provides legal assistance and cover for legal fees in relation to matters arising from a complaint which has been referred to CORU.
In addition, motor, home, and travel insurance schemes are available with exclusive rates and policy features for IIRRT members (and spouses/partners).
You will be expected to declare that there has been no claims made against you and that you are not aware of any circumstances which may at a future date give rise to any claim against you, prior to joining any of the schemes.
Important Information Relating to Insurance Cover Continuity
Both the professional indemnity and the fitness to practice policies operates on a “claims made” basis which means that you must be insured if and when a claim is made – not when the incident happened. For example, if there was an incident say in May 2019 but the claim is made today then you need have professional indemnity cover today.
The professional indemnity policy extends to include a 6-year extended reporting period which applies where an individual decides not to renew. The cover here is in respect of work up until that renewal date and not for any work undertaken thereafter. This extended reporting period only applies in instances such as retirement or if you move into another occupation. In these instances, cover is available for any claims which arise in the immediate 6 years from the last renewal date of the paid policy. It is not intended that this extended reporting period covers any other breaks in the policy and therefore this condition needs to be considered carefully if you are contemplating breaking your cover for example if you plan to take time off to travel/work abroad or if you are on maternity or long-term sick leave. Each member should maintain continued cover unless they plan to retire or move away from the profession.
In addition, the extension does not apply whereby there is non-payment i.e. if you are practicing beyond the renewal date, even if only for part of the year then the premium for the present year must be paid in full to provide cover for the present period. Then at next renewal date you can avail of the extended reporting extension. The “extended reporting period” expires 6 years after the policy cover ends. If you pay the premium for 2020 the 6 years “extended reporting period” runs from 31/12/20. There is no facility to provide for a longer extending reporting period therefore if you wanted to secure a longer cover period you would need to continue to pay the premium.
NB: Please note that the extended reporting period does not apply to the fitness to practice legal expenses scheme.