Continuous Policies

 

 

Why Continuous Policies?

There can’t be a better way of doing business with MUM than in a relaxed, hassle-free way where renewals take care of themselves.

With MUM you can provide your professional clients with a policy that:

• takes out the hassle of completing proposal forms by automatically renewing
• covers their PI, EL, Products and PL
• your client pays by interest free direct debit

And you get 12 months’ commission paid up front and then annually thereafter

 

How Does it Work?

The continuous policy is designed for small businesses who buy Professional Indemnity up to a Limit of Liability of £2,000,000 and with a premium below £3,500.

It’s a simple process:

• MUM will provide a quote offering terms on a continous basis. The quote will include a declaration and direct debit form

• If the client wishes to take out the continuous policy, they must complete both the declaration and direct debit form

• IMPORTANT – the declaration explains that the premium has been based on the proposal form and any other information that was provided to us (as defined in the Monthly Policy Endorsement). We rely on the Insured to inform us of any material changes to the information they have given to us promptly, as there is no annual proposal form

• At the anniversary date, MUM will send you (the broker) a reminder of the information declared, so you may prompt your client if you wish

• At the anniversary of the policy, MUM will pay your commission

• Every three years we will require a full proposal form

• If the policy covers EL, Products & Public Liability we will contact you at each anniversary date so that the Insured can complete a brief questionnaire and the EL certificate can be re-issued

The policy will be endorsed with our Continuous Policy Endorsement which sets out the terms and conditions.

Copies of the Continuous Policy Endorsements, Direct Debit and Declaration are below.