The insurance industry has a product called Run-off Cover for Professional Indemnity insurance after a freelancer or small business ceases trading. The usual period is 6 years. The advice is to contact the existing insurance broker to ask how much this will cost to arrange. Some organisations offer a policy with a one-off premium.

 

 

 

Dear all - Asking for a colleague who is involved in a review of their procurement system:

 

The council’s procurement team are asking for individual conservators to re-register with the procurement group – and the question of insurance has become a sticking point.

All the conservators who they contract out to have, of course, a level of insurance. However, they are requesting that any work or assessment is covered for a period of six years post - is this usual?

Do you request or expect this?

Issues to consider are: the individual may go out of business, retire or change job… Would they, despite their circumstance, be expected to keep up that level of insurance?

 

This is not something we currently do in Aberdeen, but would be keen to know if we’ve been missing something, as well as helping my colleague with her query (in a different authority).

Any advice would be greatly appreciated,

Thanks, Helen

 

 

Helen Fothergill | Head of Collections Aberdeen City Council | Museums & Galleries | City Growth | Place Aberdeen Maritime Museum | Shiprow| Aberdeen | AB11 5BY   Direct Dial: 01224 52 3676 Mobile: 07920 275 612 General Enquiries: 03000 200 293 www.aberdeencity.gov.uk | Twitter: @AberdeenCC | Facebook.com/AberdeenCC

 

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