Increase your knowledge about your PI insurance requirements, ASIC obligations and insurer rating factors from experts you can trust.
We have assisted and worked with many aspiring licensees and provide a VIP service realising that your draft AFSL may have been issued and PI insurance is a necessary ASIC “proof of purchase” by way of a certificate of currency from the Insurer.
Professional Indemnity is a mandatory requirement for anyone looking to go down the self-licensed path and following the Royal Commission, the many ongoing challenges for licensees with AFCA and the overall state of the general insurer markets means we are well placed at PI Insurance Markets to guide you through the process.
Your ASIC Obligations are such that if your total revenue from financial services provided to retail clients is $2 million or less, you must have a limit of at least $2 million for any one claim and in aggregate, with legal costs in addition to the limit.
If your total revenue is greater than $2 million, minimum cover should be equal to actual or expected revenue from financial services provided to retail clients (up to a maximum limit of $20 million). See ASIC’s regulatory guide 126 Click here for more information.
As PI Insurance Markets are specialists within the wealth management licensee sector, we work closely with you and we highlight some of the important considerations which can impact this costly but necessary purchase each year for your business:
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
Level 8, 525 Flinders Street Melbourne, VIC, 3000
Open today | 09:00 am – 05:00 pm |
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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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