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Anonymous @ 1 October 2018 14:18 GMT: Most professional indemnity around the world is written on a claims made, rather than occurrence, basis.

A problem with occurrence based cover (which they have in Germany) is that when a claim comes in you only have the limit of cover you bought at the time the work was done, which may be woefully short of what is needed with increases in costs, levels of damages and interest.

Changing to this basis would put us out of sync with the rest of the world. That might not only affect international firms: the disruption could impact the availability and price of cover. The biggest problem, though, would be that the disruption would be a seismic shift, like changing from driving on the left to driving on the right: every practising firm would have to buy cover similar to run off cover to bridge the gap between the two regimes.