What does 'Statement of Fact' mean?

Statement of Fact is a term used to describe a short declaration statement provided by the insurer at renewal which is sometimes used as an alternative to completing a full proposal form. 

The declaration usually re-states the risk information already provided by the insured who is then asked to confirm that the information (the facts) are still correct by means of signing the document. 

Alternatively, the declaration may ask a short series of yes / no questions.

A Statement of Fact reduces the time spent dealing with the renewal of a professional indemnity insurance policy; however, it is important that all material information is still provided to the insurer.

For more information or a discussion with one of our experts, please call 0345 251 4000.