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ICSA TALK WEDNESDAY 23 RD MAY 2012

ICSA TALK WEDNESDAY 23 RD MAY 2012. TIM RATTRAY DIP CII MANAGING DIRECTOR ROSSBOROUGH INSURANCE (IOM) LTD. Topics I Will Cover:-. Difference between PI and D&O Policy a CSP/TSP/FA should have & what features to look out for Different structures & their exposures Risk Management

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ICSA TALK WEDNESDAY 23 RD MAY 2012

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  1. ICSA TALK WEDNESDAY 23RD MAY 2012

  2. TIM RATTRAY DIP CII MANAGING DIRECTOR ROSSBOROUGH INSURANCE (IOM) LTD

  3. Topics I Will Cover:- • Difference between PI and D&O • Policy a CSP/TSP/FA should have & what features to look out for • Different structures & their exposures • Risk Management • Run-Off Cover • Claims notifications

  4. Claims examples • Insurance Market overview • Conclusion & questions

  5. Difference between PI and D&O • PI relates to the Professional Services you provide to your clients whereas D&O relates to how Directors & Officer behave within their company • PI covers legal defence costs and any subsequent damages arising from negligent advice or services

  6. Difference between PI and D&O • D&O covers legal defence costs and subsequent damages following an allegation of a ‘wrong-doing’ committed by a Director or Officer

  7. Features to look out for on your PI policy • Full civil liability – not just negligent acts, errors or omissions • Director, Officer or Trustees appointments to ‘outside’ boards or trusts • Fidelity Guarantee – Employee Theft • Loss of Documents • Innocent non-disclosure

  8. Features to look out for on your PI policy • Reinstatement of policy limit • Retro-Active Date – None

  9. StructuresTrust • Failure to insure asset adequately • Personal Liability to Settlor, Beneficiaries and anyone else connected to Trust • Negligent advice or services to the client

  10. StructuresClient Companies • Outside Directorship Liability • D&O cover for Corporate Director • Negligent advice or services to client

  11. Structures Foundations • Outside Directorship Liability • D&O cover for Corporate Council Members • Foundation as a Corporate entity • D&O for Council Members who are not supplied by forming CSP

  12. Risk Management • Look through client company portfolio to identify which have a higher exposure • Set up separate D&O policy for each higher risk client company

  13. Risk Management Benefits • Ring fences your own PI policy • No excess to pay • Premium rated on client company activities only • Client pays the premium • Beneficial effect on own PI policy

  14. Run-Off Cover • Purchased when a company is sold or closed down • Extends policy to allow a potential claim in future to be made • Statute of Limitation period is 6 years • Some insurers offer 6 year Run-Off policies but some only offer annual ones

  15. Claims Notifications • Notify insurers as soon as you become aware of a circumstance which could give rise to a claim • Encourage staff to tell superiors of problems and not to try and sort it themselves • Keep insurers fully informed of events during the claim process

  16. Claims examples • Mistaken identity of clients and beneficiaries • Follow up verbal instructions in writing • Sometimes, a favour can backfire • Being guilty by association

  17. Insurance Market Overview • No large losses to hit PI/D&O market for over 10 years • More institutional capacity in market place • Premium rates as low as we can even remember

  18. Thank you for listening • Any questions?

  19. Contact:- • Tim Rattray on 631633 or trattray@rossboroughgroup.co.uk

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