Feb 08, 2021

IMPORTANT NOTICE: FIA PI SCHEME

Article by FIA

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BESPOKE PI SCHEME FOR FIA MEMBERS

In the wake of the Covid pandemic and the effect it has had on our economy and the insurance industry in particular, it has never been more important for FIA members to ensure that their Professional Indemnity insurance is in place, their policy gets reviewed and renewed timeously with the service and advice from a specialist broker who understands this highly technical class of insurance.
 
Following exponential increases in both the frequency and severity of claims in the past 2 years, coupled with the rising costs of reinsurance, many local insurers are no longer willing to write professional indemnity for financial intermediaries. Those that do, must be reputable markets with the financial ability to withstand large losses and have the technical underwriting skills to insure this complex class of insurance.
 
Leppard & Associates, the current FIA PI facility insurer, has selected Marsh (the FIA PI scheme appointed broker) as the only broker to whom they will provide a bespoke PI facility for FIA members. They will still provide open market quotes to other brokers, but have agreed to accept the FIA PI Scheme bespoke wording as the only facility wording they will underwrite.
 
This new development provides FIA members with a bespoke FIA PI product which includes inter alia: 

  • Access to a cyber risk coverage
  • Automatic D&O coverage of R2.5m
  • Numerous options to members to tailor the cover that’s right for their practice
  • Preferential FIA rates
  • No premium increases for 2021 renewals. 

We urge FIA members not insured through the FIA PI Scheme to seek a quotation from Marsh / Leppard at renewal.

For further information, please contact Justin Keevy from Marsh on Tel: 011 060 7377 | Email: justin.keevy@marsh.com or your FIA Regional Manager. 

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