A break in practice can result in a Premium Holiday In the event of:

  • Pregnancy
  • Temporary serious illness or disability

Occurring after the commencement of insurance and has the effect that Insured ceases to practice as a registered Practitioner during the period of Insurance, the Insured may apply to the Insurer in writing before the end of the period of Insurance, for a premium holiday.

The Insurer may agree to, at its sole discretion to:

  • grant a premium holiday which in any event shall not be longer than 3 months
  • if the Insurer agrees to a premium holiday, it shall not be obliged to indemnify the Insured in respect of any claims arising from any work conducted during the premium holiday

** The Insured may not apply for a premium holiday if it has been finally struck, or suspended from the relevant professional register for any reason.

Termination and Cancellation of Individual Insurance

This Policy may be cancelled at any time by:

  • the Insured or the Insurer by giving 31 (thirty-one) days’ notice, in writing
  • the Insurer with immediate effect in the event that the Insured has induced a fraudulent claim or has misrepresented, misdescribed or not disclosed any material particulars as contemplated in clause 16 abov

In the event of cancellation:

  • The Insured may be entitled to a pro rata Premium refund on cancellation of the Policy by the Insurer in accordance with the Insurer’s time on risk
  • The Insured will not be entitled to any Premium refund on cancellation of the Policy:
    • by the Insured, and/or
    • the Insured has induced a fraudulent claim or has misrepresented, mis-described or not disclosed any material particulars, and/or
    • failed to make due payment of any Premium

In the event that the policy is not renewed or otherwise lapses or terminated:

The Insurer’s liability shall terminate other than in respect of any:

  • outstanding Claim and/or loss;
  • Circumstances and/or Claims made and notified in writing in accordance with the terms and conditions hereof