Fact sheet number eleven
The Yoga-Link scheme is written on a ‘Losses-Occurring’ basis
What does this mean?
There are two primary forms of liability insurance policies – ‘Claims-Made’ and ‘Losses- Occurring’ policies. Most Professional Liability insurance is written on a ‘Claims-Made’ basis.
However you are insured on a ‘Losses Occurring’ basis. This is very beneficial for yoga teachers and means that the cover with Yoga-Link indemnifies teachers in respect of incidents/losses occurring during the defined period of insurance underwritten by Novae Underwriting Ltd.
It is still important that you maintain continuity of cover by renewing promptly if you continue to teach. Failure to do so could mean that cover would be lapsed and your students left unprotected. However, in the event that you are no longer teaching, the cover for all previous year/s is not lost in the same way as would be the case with ‘Claims-Made policies.
So, for example, the change to Losses-Occurring means that you no longer need to consider arranging ‘run-off’ cover when taking a break from teaching or even after retirement.