Fergusons Insurance Brokers

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39B Davey St Frankston, Victoria
Phone: (613) 9783-3200

Public and Products Liability Insurance Run Off Cover

You may need to keep your Public and Products Liability Insurance current even though you are no longer trading.

Various boxes need to be ticked for a Public and Products Liability policy to respond to a potential claim:

1) You are negligent in some way

2) You owe a duty of care to a third party

3) A third party has suffered a personal injury or damage to their property

4) Subject to the policy terms, conditions and exclusions and;

5) You have a current policy at the time of the loss.

Should a third party suffer a personal injury or damage to their property it is the policy that is current at the time of loss that will protect you, not the policy that was current when you provided the service/product. To illustrate, if you supplied a product in 2013 and that product failed in 2015, it is your 2015 policy that will cover you, not your 2013 policy.

Should you cease to trade you will still probably have an exposure for all your previous work and run off cover will probably be necessary.

Before you cancel or lapse your Public and Products Liability Insurance we suggest you talk to your provider to seek expert assistance on your exposures for previous work.