CSP to amend PLI policy wording to ensure all members are protected

By extending the cover with the turnover cap , this cap was also applied to standard partnerships and sole trader limited companies which previously didn’t have such restrictions.

The CSP was unaware of the implications of such change and members were therefore not informed.  

 Sara Conroy, CSP professional adviser, said: 'We are sorry for any confusion or distress this may have caused members who have then questioned if they have the correct coverage in place,  and could have potentially had a period where they were unintentionally uninsured.

To protect members from this unintended consequence, we confirm that we have currently  reverted back to the previous policy wording in respect of standard partnerships and sole trader companies, effective from 1 July 2020 so no members are compromised by this 

'If you have in the meantime purchased a separate policy via James Hallam then please do contact them directly to discuss what action you may need to take.'

The CSP intends to reintroduce the turnover cap for standard partnerships and sole trader companies from 1 July 2021.

Please contact James Hallam (formerly Graybrook) directly if you operate a business that currently relies on the CSP PLI scheme for its indemnity and that falls into any of the following categories:

1. Any Great Britain, Northern Ireland, the Channel Islands or the Isle of Man based and registered partnership (but not a limited liability partnership LLP) comprising solely of CSP members carrying out clinical services with a turnover in the last financial year exceeding £75,000
2. Any Great Britain, Northern Ireland, the Channel Islands or the Isle of Man based and registered  limited liability partnerships LLP’s comprising solely of CSP members carrying out clinical services with a turnover in the last financial year exceeding £75,000
3. Any Great Britain, Northern Ireland, the Channel Islands or the Isle of Man based private limited company which is owned 100 per cent by an individual CSP member solely where the CSP member is the only practitioner carrying out clinical services with a turnover in the last financial year exceeding £75,000
4. Any Great Britain, Northern Ireland, the Channel Islands or the Isle of Man based private limited company comprising solely of CSP members carrying out clinical services with a turnover in the last financial year exceeding £75,000
5. Any other businesses