Professional Indemnity Insurance

1. 14.05 – 14.15 Professional Indemnity Insurance • Paul Harrison • Associate Director • www.ifa.org.uk

2. IFA Conference Professional Indemnity for IFA & FTA MembersPaul Harrison – Associate Director Belmont International Limited29th April 2014Paul.harrison@belmontint.com 01732 744700

3. What we offer to Members • Professional Indemnity Scheme exclusively for IFA Members – Underwritten by Hiscox Insurance • Over 800 members already arrange there PI under the scheme • Belmont International are the sole approved partner for PI • Belmont International are an IFA partner firm

4. Why do I need PI Insurance ? • A requirement of the IFA for all practising members to have PI insurance • Claims can happen • Defends & Protects your reputation if there is an unfounded allegation • Pays damages where an error has been made

5. Why the IFA product ? • Product designed for members • Premiums from less than £200 • Premiums paid by interest free monthly payments • Low policy excess of £250 • Backing of Hiscox Insurance • Full Civil Liability Cover • Limits apply to each & every claim

6. Claims can happen to the best practise? Claims are rare for IFA’s but it is not uncommon for one to exceed £100,000 • Keep letters of engagement & regularly update them – define what work you are undertaking for the client • If you use an expert or a third party clearly define how is responsible for the advice given • Try and avoid business “stretch” in to areas you have less experience

7. In Summary • Over 800 members use the scheme • Members feedback that they have saved up to 60% off there premiums • Cover is never compromised • Quotations can normal be provided by return • Belmont are long term partners of the IFA

8. QUESTIONS ???