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Insurance Claim on old policy

Printed From: AussieLegal
Category: Business, Commercial, Property, Contracts, IP
Forum Name: Franchises, Leases, Litigation, Trusts, Building, Debts
Forum Discription:
URL: https://www.aussielegal.com.au/forum/forum_posts.asp?TID=25014
Printed Date: 22/April/2019 at 06:49


Topic: Insurance Claim on old policy
Posted By: Cookie01
Subject: Insurance Claim on old policy
Date Posted: 13/March/2018 at 19:53
This is a hypothetical situation but for my own comfort would like to know what the likely outcome would be

I have business Insurance for Commercial Installations, I will retire in 10 years time but someone stated that when I stop paying for my insurance I am no longer covered even for jobs that I have done recently, once the policy expires.

Is this true, would have thought that my liability, and the insurers, would be whilst the building is still using my work should my work fail.



Replies:
Posted By: Eddy
Date Posted: 14/March/2018 at 15:09
If you hold the insurance now then the answer to your question is likely going to be yes. In the case of Professional Engineers, I know that there is "run-off" cover for PI insurance for just this case. The period of cover for this insurance varies depending on the state and relevant area of law.


Posted By: haier
Date Posted: 15/March/2018 at 19:47
Originally posted by Cookie01

This is a hypothetical situation but for my own comfort would like to know what the likely outcome would be

I have business Insurance for Commercial Installations, I will retire in 10 years time but someone stated http://atmateen.com - that when I stop paying for my insurance I am no longer covered even for jobs that I have done recently, once the policy expires.

Is this true, would have thought that my liability, and the insurers, would be whilst the building is still using my work should my work fail.


If you fail to pay your premiums and exhaust the grace period for plans offered in a insurance policy, you will lose your insurance coverage.
The grace period is either one month or three months long, depending on the contract between you and insurance company.



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