Run-off · PI

PI run-off cover — what drives the cost

Reviewed by Matthew Bartlett, Director, Apex Insurance Brokers Limited · Published 15 July 2026

Run-off PI premiums vary widely by profession, retroactive period, and aggregate limit. Here's what drives the cost and how to manage the total.

The core cost drivers

Retroactive period — longer look-back means more claim exposure and higher cost.
Aggregate limit — higher limits proportionally more expensive.
Sector risk — solicitors, IFAs and architects (BSA 2022) attract higher rates.
Claim history — recent claims materially uplift run-off pricing.
Firm size — larger firms benefit from economies of scale.

Regulatory floors

Solicitors: SRA MTC requires 6 years' run-off post-ceasing.
Architects: ARB Standard 8 requires 'adequate' run-off — typically 6 years, longer for HRB exposure under BSA 2022 s.135.
Accountants: ICAEW Bye-law 61 requires 2 years for member firms.
Surveyors: RICS Rules of Conduct Rule 9 requires 6 years' run-off.
IFAs: FCA requirement varies with permission scope; 3-6 years typical.

How to reduce the total premium

Start planning run-off 12-18 months before ceasing.
Match aggregate limit to actual claim exposure — not annual limit blindly.
Consider staggered aggregate reductions where regulatory permits.
Prepay multi-year run-off for premium discount.
Retire selectively — some cover extensions may be dropped.

What run-off doesn't cover

New advice given post-cessation — run-off is a look-back only.
Additional-insured extensions may not carry into run-off.
Cyber and GDPR often lapse at cessation unless specifically extended.

Frequently asked

Can I negotiate run-off pricing?

Yes — particularly for larger firms and clean risks. Broker involvement matters.

What if I close mid-year?

Run-off starts from the cessation date. Broker coordination with the primary insurer ensures continuity.

Does my current insurer have to offer run-off?

Not always. Some policies include run-off automatically; some require quotation and separate premium.

Can I switch insurers for run-off?

Difficult — the incumbent insurer usually has better information. Occasionally another insurer offers competitive run-off, but continuity has value.

What about the BSA 2022 impact on architects?

Architects and design firms doing HRB work face 30-year retrospective liability. Run-off pricing reflects this.

How long should run-off actually run?

Meet the regulatory minimum; consider extending if the practice had complex or long-tail exposure.

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Apex Insurance Brokers Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 724952. Registered in England and Wales, company number 07014570.