As PI Insurance Markets are specialists, we can answer any question you have regarding professional indemnity insurance. Below are just a few of our frequently asked questions for you to explore.
If you have any other questions or just want to find out more, feel free to contact us today.
PI Insurance Markets recommend at least 4-6 weeks before the expiry date with a view to providing you with competitive terms at least 10 days before expiry. We have seen poor examples in the market whereby terms have been sent out at the last minute.
This can often lead to stress, frustration and unexpected pricing increases without explanation and with the inability to approach other Insurers on your behalf in the interim.
The leading markets are AIG and two boutique underwriting agencies which are backed by Lloyds of London, known as Quanta and SURA.
Additionally, we have another local Insurer who will selectively work closely with PI Insurance Markets in recognition of our expertise in this sector.
PI Insurance Markets recommend you record and track all forms of notifications (no matter how insignificant) with your complaints register. This will and can include potential notifications which may go to AFCA.
Your claims register is your comprehensive claims history of all known paid and/or settled claims together with any new and/or current “open/ongoing” claims.
Often, unsuccessful claims through mediation with AFCA will result in follow up hearings and either way the Underwriters/Insurers will incur legal defence costs and will want to track the claimant allegation from day one.
This is a provision in a policy stating that after a claim/loss has been paid out the policy will return to its original claim limit.
For example, if a class action occurred and was successful as a result of a collapsed product and the amount paid is $1,500,000 plus defence costs (and your policy limit is $2,000,000) then your policy will be reinstated to its original coverage limit of $2,000,000.
PI Insurance Markets recommend a comprehensive review with respect to Directors & Officers insurance for larger practices, Cyber insurance, Business Insurance and Corporate Travel insurance.
Run off cover provides protection for professionals when they have either ceased trading or sold their business. While the business or professional may not be actively providing services any more, they can still be subject to claims for their activities and services when they were practicing.
Run off cover provides coverage for claims that would have been covered during the original period of insurance usually for a period of 7 years. PI Insurance Markets can assist you with any enquiries here with respect to exiting your license.
Yes, the definition of the insured includes “all former/ ex-Authorised Representatives”
We would love to review your program with our specialist expertise in this sector. We understand the frustrations and the fact that apart from staff costs, your PI is commonly the second most expensive investment to your business.
Email one of our experts and the will get back to you shortly:
Speak straight to our director: Shane Upton
0408 159 159
Level 8, 525 Flinders Street Melbourne, VIC, 3000
Open today | 09:00 am – 05:00 pm |
Important information about PSC Connect – https://www.pscconnect.com.au/important-information
Complaints – https://www.pscconnect.com.au/contact/complaints
InterPrac Corporate Insurance Pty. Ltd. endorses the Insurance Brokers Code of Practice. To obtain a copy of the code, click here https://www.niba.com.au/codeofpractice/index.cfm
Disclaimer: The information provided by InterPrac Corporate Insurance Pty Ltd on this website is for general information purposes only, and it is not a substitute for professional advice. You should always consider the PDS/Policy wording before making a decision. Coverage may differ based on specific clauses in individual policies. Refer to the FSG on our website or by requesting a copy for our services and remuneration details.
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InterPrac Corporate Insurance Pty Ltd t/as PI Insurance Markets ABN 60 648 273 027 Authorised Rep No 1285880 of PSC Connect Pty Ltd t/as PSC Network Insurance Partners ABN 23 141 574 914 AFSL No 344648
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