How long to keep insurance docs?

Doobop
Doobop Posts: 212 Forumite
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in Small biz MoneySaving
Hi, I wonder if anyone can give some advice. I have been given a large box of paper relating to a charity and I am working my way through getting rid of paperwork no longer needed. I have found guidance in gov.uk but ne thing I'm unsure about is how long to keep insurance documents? The charity has a building so has always been insured, and I have documents going back 20 + years. I don't know whether claims have been made during that time but am I safe to shred these?
Thanks

Comments

  • Trentenders
    Trentenders Posts: 1,268 Forumite
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    7 years old+ should be fine to get rid of, except for the EL certificates. Make sure that you keep all of them.

    As an option, could you simply scan everything (non-insurance docs also) and keep it all on file somewhere?
  • firefox1956
    firefox1956 Posts: 1,548 Forumite
    40 years for business insurance documents.
  • martindow
    martindow Posts: 10,213 Forumite
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    firefox1956 wrote: »
    40 years for business insurance documents.
    Why so long? You need to keep documents for 7 years to back up your accounts but I can't see why it needs to be for decades.
  • firefox1956
    firefox1956 Posts: 1,548 Forumite
    I was told that several years ago by my business insurance company.
    Although I have no way of showing that their statement was correct I am afraid.
    Maybe for things like asbestos claims ??
    I dont really know.
  • Pennywise
    Pennywise Posts: 13,468 Forumite
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    From an official government publication:-

    "employers are strongly advised to keep, as far as is possible, a complete record of their employers!!!8217; liability insurance. This is because some diseases can appear decades after exposure to their cause and former or current employees may decide to make a claim against their employer for the period they were exposed to the cause of their illness"
  • Socajam
    Socajam Posts: 1,238 Forumite
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    I agree with the person who suggested scanning and then get rid of the oldest documents say 30+ years ago.
  • Ozzuk
    Ozzuk Posts: 1,884 Forumite
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    Don't forget if you're keeping records that have personal data on you'll need to comply with GDPR come May 25th :)
  • Tom99
    Tom99 Posts: 5,371 Forumite
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    You could just keep a note of the insurer and policy number on a spreadsheet for the very old insurance years.
  • JCS1
    JCS1 Posts: 5,286 Forumite
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    I remember something about keeping EL certificates for 40 years.
  • Savvy_Sue
    Savvy_Sue Posts: 46,014 Forumite
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    Ozzuk wrote: »
    Don't forget if you're keeping records that have personal data on you'll need to comply with GDPR come May 25th :)
    It seems to me unlikely that anything to do with EL would have any personal data on it. I know ours don't: there is nothing on the certificate / the renewal documents / the policy documents listing so much as the names of the employees covered.
    Tom99 wrote: »
    You could just keep a note of the insurer and policy number on a spreadsheet for the very old insurance years.
    In the event of a claim, I'd rather have more information than that. For example, if a former employee claims for malignant mesothelioma based on some noxious substance they were exposed to, I'd like to be able to refer to the policy documents to know what was covered. Given the way insurance companies have merged / closed / changed name and areas of business covered, it could be hard enough to trace who was now responsible for claims, so anything which saves hassle once you've done that would seem to me to be worthwhile ...

    Apart from anything else, a scan of the policy will be stronger proof of your cover at that time, rather than a policy number which again may be hard to trace back.
    Signature removed for peace of mind
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