Switching Professional Indemnity: Comparison, Cancellation, New Contract

No Cancellation Without New Insurance

Even if you can hardly wait to switch to another Professional Indemnity Insurance: Don't act in haste. Take your time to compare different offers and find the insurance coverage that really suits your business. You should pay attention to the following points:

• Sum insured
• Insurance premium
• Scope of insurance
• Flexibility during the term
• Insurance period

Make sure that you have a confirmation of insurance from your new insurer before you cancel your old insurance. Otherwise there is a risk of insurance gaps. If you calculate your premium in the exali calculator, you don't even have to enter any personal data to receive an offer.

How To Cancel Your Existing Professional Indemnity Insurance

The cancellation of your old insurance policy must be made in writing. However, many insurers now also accept cancellations by e-mail. You are on the safe side with a recorded delivery and return receipt - this way you can prove your efforts in case of doubt.

There are two options for cancelling your policy:

Ordinary Cancellation

You can cancel your contract within a specified time. If your insurance period is at least one year, a notice period of one to three months before the end of the contract is usual. If you do not adhere to this time frame, your contract will be extended automatically by one year. You can find the exact date in your policy. If your insurance term lasts several years, you can cancel your contract at the end of the third year and then at the end of all other insurance years.

Please note: This information is the rule. Nevertheless, please check your insurance conditions carefully, as the terms and conditions may differ.

Special Cancellation

In certain cases, you are entitled to terminate the contract outside of that period.

Premium increase: Your insurer must announce a premium increase in good time. If the increase is not due to a change in your insurance coverage, you have the option of cancelling the policy outside of the normal renewal period - either with immediate effect or as soon as the premium increase comes into force. It is important that your written cancellation is received by the insurer within one month after receiving the notification of the increase.

Change after a settled claim: After a damage event, your Professional Indemnity insurer will send you a letter. This letter will state whether and to what extent the insurer will pay for a claim. Once you have received the letter, you have one month to cancel your current Professional Indemnity Insurance.

Taking Out New Professional Indemnity Insurance