Run Off insurance.

[nearlythere]

Anyone with any experience of or comments regarding liability after retirement? 

How long would liability be? I read that 6 years is a good time as one would be legally liable for that number of years but there doesn't seem to be any strongly recognised period.

I also hear that an Assessor would only be liable for up to a year as an Assessment would be expected to be reviewed by that time.

[SeaBass]

I kept my run off insurance going for two years because, as you say, by then the FRA should have been reviewed. I did consider keeping it for longer, but the cost was prohibitively high and on balance, as I hadn?t dropped the ball up to that point, I thought the risk was minimal.   

[wee brian]

If you want chapter and verse, this is a good summary.

https://en.wikipedia.org/wiki/Limitation_Act_1980

[kurnal]

When I retired I set up 6 years run off insurance, details of which I will gladly share with you by pm. There is only a single underwriter in the U.K. for this insurance though many brokers offer it, it all comes back to the same.

As I used to get heavily involved with building design my company's liability extended beyond the RRFSO. The 6 year premium had to be paid up front and was a number of ?thousands. Worth it for peace of mind though- I did not want some chancer challenging my estate after my demise as although the company has been wound up Case Law shows that personal liability of former directors can extend to their family after their death. In one (unique) case the widow losing her home.

My contract with one major client was enacted as a deed which carries a potential 12 year liability. Fortunately there was a sub clause limiting my liability to only provide insurance available on the uk market and when I pointed out that 6 years was the maximum they were happy to accept this, confirming this in writing and thus over riding the deed.

[colin todd]

Almost, you are not going are you???

[Fishy]

Anyone with any experience of or comments regarding liability after retirement? 

How long would liability be? I read that 6 years is a good time as one would be legally liable for that number of years but there doesn't seem to be any strongly recognised period.

I also hear that an Assessor would only be liable for up to a year as an Assessment would be expected to be reviewed by that time.

Not sure that there's any guidance that says that fire risk assessments should be reviewed after a year?  PAS 79 certainly doesn't...

[kurnal]

Just another point - I could only buy insurance for work done in the  U.K., I was unable to obtain cover for work done in Eire at any price.

[William 29]

Run off cover should be provided for a least the period of the review dates set in your FRAs. i.e. in your last year of business you did an FRA with a 5 year recommended review.

I am informed by my broker that the cover in the first year is likely to be the same as when you were in business but reduces each year thereafter.

[colin todd]

Big Al, as the guardian of political correctness, particularly in relation to professional persons from the county of Galway, I am surprised, nay shocked at your use of the name Eire, which was dropped just after the end of the 2nd world war-you remember the 1940s, you were a sub-officer in Bathmat Lock.  Please amend your posting forthwith if not before to read Republic of Ireland before that lady with the funny handle H something or other who scurrilously alleges I bought her a drink in Benedicts comes after you.

[kurnal]

A simple mistake to make Colin as I was engrossed listening to Andy Stewart's rendition of A Scottish Soldier on the dansette at the time. Still I made up for the error by posting the reports with the George 6 stamps I found in your wallet after the moths had vacated it.

Anyway the point is relevant to Nearlytheres posting due to where he works. He is likely to need two such policies if the insurers in The Republic follow the same line as those in the U.K. As it's a very specialist area the big underwriters who might not be afraid of international Laws and variations don't seem interested in such complex small fry.

In response to William I was approached by several brokers who talked about tapered premiums but when it came down to it all sent the same proposal forms for the same underwriter and the computer said no

[nearlythere]

Almost, you are not going are you???

I have a rather large bucket list Dot. But you will be overjoyed to know that I'll go quietly probably in two or so years.

[nearlythere]

Just another point - I could only buy insurance for work done in the  U.K., I was unable to obtain cover for work done in Eire at any price.

My cover extends to European Union K and according to my insurers RoI is in European Union.

[nearlythere]

Anyone with any experience of or comments regarding liability after retirement?  

How long would liability be? I read that 6 years is a good time as one would be legally liable for that number of years but there doesn't seem to be any strongly recognised period.

I also hear that an Assessor would only be liable for up to a year as an Assessment would be expected to be reviewed by that time.

Not sure that there's any guidance that says that fire risk assessments should be reviewed after a year?  PAS 79 certainly doesn't...

No it doesn't Fishy but one year is recommended by Fire Services. Isn't anually mentioned in the Enforcers Guide?  Not that that matters as the legislation is interpreted as is convenient.

[kurnal]

Just another point - I could only buy insurance for work done in the  U.K., I was unable to obtain cover for work done in Eire at any price.

My cover extends to European Union K and according to my insurers RoI is in European Union.

Mine extended through Eerope too for Fisk assessments, training etc NT but they were not interested in run off insurance. Had to find special insurance for that.

[nearlythere]

Run off cover should be provided for a least the period of the review dates set in your FRAs. i.e. in your last year of business you did an FRA with a 5 year recommended review.

I am informed by my broker that the cover in the first year is likely to be the same as when you were in business but reduces each year thereafter.

Does your broker provide run off cover William?