Professional Indemnity Insurance
What is the retroactive date?
The Retroactive Date in a Professional Indemnity Insurance policy is extremely important. This is usually the date at which cover was first incepted. At each renewal the same Retroactive Date is carried forward. A new insurer needs to be made aware of the Retroactive Date in any previous policy as it is market practice for a new insurer to carry forward the Retroactive from the previous policy and not use the first the day of cover with the new insurer as the Retroactive Date, otherwise liability arising work prior to inception of the new policy would not be covered.
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