Professional Indemnity Insurance
For Financial Advisers
Professional Indemnity (PI) insurance is mandatory for many professions, especially those in the financial industry.
If your business provides professional advice, offers consulting services, or handles data for a client, then Professional Indemnity insurance cover, could protect your business against:
Aon is one of the UK’s largest insurance brokers (ranked 3rd by brokerage, Insurance Times, August 2016). We pride ourselves on our ability to build strong relationships with our clients; our retention rates* are proof of our strong rapport in this price driven market place.
In addition to arranging PI insurance, we also offer access to a range of other insurance products including:
*On average 90% of our clients choose to stay with us (Financial Advisers retention rate year to date as of Dec 2016)
The below Product Summary provides an overview of the policy cover and the Documentation section provides the documents you will need to obtain a quote
Frequently Asked Questions (FAQs) about Professional Indemnity insurance for Financial Advisers
Professional Indemnity insurance provides cover should a third party suffer a financial loss as a result of your professional error, omission or negligence.
The minimum excess available at present is £2,500 each and every claim / claimant, increased to £5,000 each and every claim / claimant in respect of Pension &/or Investment Activities.
For firms that fall under the Insurance Mediation Directive (IMD), the minimum levels are set out in Euros as follows:
For UK Based firms, these minimum requirements are translated into sterling and must be met at the date of purchasing the policy and at the date in which their policy incepts or renews.
Source: https://www.fca.org.uk/firms/professional-indemnity-insurance last accessed on 23/02/2017
If your excess exceeds £5,000 or if you have exclusions in your policy for activities that your firm is or has been involved in then please refer to the FCA handbook for information regarding this.
Every insurer in the market will have their individual proposal form, and completing these can sometimes be a challenge. They can require data since trading which of course can cover many years.
Our advice would be to complete these forms with as much detail as possible, and ensure accurate disclosure of information at all times. The more information you provide will assist insurers in understanding your business and ensuring that you obtain the most competitive premium available.
In the event of a claim, you will have access to Collegiate Management Services Limited.
To make a claim, write to:
Telephone*:0844 381 4418
*Calls cost up to a maximum of 7 pence per minute plus your telephone company’s network access charge.
Please include all complaints ever received, even if these cases were not upheld or you believe your firm was not responsible.
These cases should include the claimants name, date of complaint, reason for complaint, amount claimed, current status, if a reserve is held by your insurers and any supporting comments you feel necessary.
No – unless amended by specific endorsement the excess is not applicable to defence costs and expenses only
Financial Advisers' Professional Indemnity Insurance is arranged by Aon UK Limited and underwritten by AXA Insurance UK Plc.