Buying process
Switching Professional Indemnity insurers without losing cover
The specific things to confirm before moving your PI policy to a new insurer, so historic work stays protected.
Key takeaways
- ✓The single most important thing to confirm in writing is that your new insurer will honour your existing retroactive date
- ✓Disclose your full claims and circumstance history to the new insurer — non-disclosure can void cover for anything left out
- ✓A circumstance already notified to your outgoing insurer generally remains that insurer's responsibility, not the new insurer's
- ✓Compare policy structure — aggregate vs any-one-claim, costs-inclusive vs costs-in-addition, excess — not just headline premium and limit
Retroactive date: the detail that catches people out
A new insurer defaulting your retroactive date to the new policy's start date, rather than your original starting date, can silently strip away years of historic protection. Get this confirmed in writing before you commit — don't take it on trust from a quote alone.
Disclosure obligations when switching
Full, accurate disclosure of claims and known circumstances is a condition of any new policy. Anything left undisclosed, and later shown to have been known beforehand, can be treated as a prior known circumstance and excluded — even retrospectively. See our dedicated guide on that topic.
What stays with your old insurer
Circumstances properly notified during a prior policy period generally remain that insurer's responsibility to handle, even after you've moved to a new one. Confirm this explicitly with both insurers rather than assuming it's automatic.
Comparing more than price
A cheaper quote built on a lower-quality limit structure, a higher excess, or costs-inclusive defence-cost treatment may not genuinely be comparable to what you currently hold. Ask your broker for a like-for-like structural comparison, not just a premium number.
FAQ
Frequently asked questions
Common reasons include better pricing, broader cover terms, an unsatisfactory claims experience, or your broker recommending a market review at renewal.