Financial Planners Professional Indemnity

Need cover for Financial Planners Professional Indemnity?

What we do

We work closely with financial planning groups (particularly AFSL holders) on their Professional Indemnity programs (and from that the other general insurance policies such as Management Liability and Cyber). We are adamant in paying particular attention to getting the right covers for the right prices and best options for all associated with this.

Our experience

With Managing Directors Grant Mason’s extensive experience in professional indemnity underwriting as well as insurance broking, we have great knowledge and know how looking after the professional indemnity program for large financial planning groups.

What has been achieved

This has lead to getting broad cover, low excesses and competitive premiums in a market that is struggling to provide any cover for financial planners professional indemnity.

Since running our own Insurance Brokerage (authorised representative of Oracle Group (Australia) Pty Ltd) we have been working with insurers to get a better product and pricing for professional services businesses. In particular we have been working with insurers with financial planning groups as we believe they mostly are very well run groups with strong risk management.

How we see risk management

It is our belief that working with the AFSL holder, this leads to better risk management as well as better cover for the group as well as the individual advisers.

In recent months, this endeavour has taken a huge step as we have formed strong relationships with insurers who are willing to listen to how these things should be set up as well as run and claims handling procedures. We are now looking after numerous financial planning AFSL holding groups that we work closely with to get the right outcome.

How we work

Our belief in getting these submissions to insurers is an old school theory but it is important to do it right, we work with you to get the correct submission (many years of being a professional indemnity underwriter helps) and thus we can take it to the market in the best way.

Key coverages

Some of the key areas we see that need to be covered include:

  • Competitive excesses
  • RG126 compliant wording
  • Civil Liability Insurance clause
  • Cover for tax (financial) advice services
  • No approval product list exclusion
  • Automatic cover for New Authorised Representative (subject to certain conditions)
  • Competitive pricing
  • Claims Handling done by people that understand the risk and exposures
  • Insurance Broker knowing and understanding the risk

One of the big advantages we have seen by doing things this way is working with the AFSL holders with their internal systems, if we are seeing a systemic type of claim, we can discuss with those that might be able to actually make this issue easier to avoid by amending systems or alike.

Your business provide other services?

Another area we are able to assist with is including mortgage broking under the same policy as we understand businesses can have authorised representatives working in either of these areas (rather than mortgage brokers going and getting their own policies separately which can lead to substandard policies in the group).

How we help?

  • We can get your financial planning group properly covered.
  • Any potential claims will be looked after by us.

What you need to do?

  • Contact us on email or phone

Further questions or queries?

07 3048 8890