Professional Indemnity Scheme
Whilst a lot of the services in this section are designed to help you manage your PI risk, you are required to hold adequate PI insurance as well. The NIBA Professional Indemnity Insurance Facility offers a policy that is competitively priced and provides coverage designed specifically for the risks of insurance brokers.
Gallagher Broking Services Pty Ltd is the Facility Manager and reports directly to the NIBA PI Committee.
The NIBA PI Facility has been available to members since 1986 to offer greater flexibility and further enhance the quality of service to members, whilst at the same time preserving the fundamentals of a sound product which is backed by APRA regulated Insurers who are committed to the Facility.
What is its unique offering?
The NIBA scheme provides the following key benefits to our members;
Comprehensive coverage at a competitive price – The NIBA scheme continues to ensure that its members are provided with the most comprehensive coverage possible whilst also maintaining competitiveness within its pricing. We listen to our members and as a result our wording is tailored to meet both the commercial and regulatory risk requirements of our members.
Longevity of access to professional indemnity insurance – The NIBA scheme continues to be available to insurance brokers irrespective of market cycles and open market insurer appetite;
APRA regulated insurers – The NIBA scheme prides itself on being able to provide capacity derived from a panel of APRA approved leading insurers;
Local claims handling ability – The NIBA scheme provides its members with local claims handling ability therefore ensuring greater control of any matters and direct access to claims professionals
Superior service delivery – A client of the NIBA scheme is not only a PI client but also a valued NIBA member. We pride ourselves on delivering a superior level of service to our scheme members.
Key Coverage Criteria
The coverage provided under the current NIBA Professional Indemnity Insurance Policy has been framed around ASIC’s requirements under RG 126 and as a result provides our members with a market leading coverage against potential liability arising from retail client activities.
Key areas of coverage include:
- A full civil liability wording;
- Provision for automatic cover for newly acquired and created subsidiaries;
- A generous sub limit for the cost of attending official investigations and enquiries; loss of documents, fidelity, court attendance costs and public relations expenses;
- Automatic run off cover for ceased practices with respect to retail clients;
- Two automatic reinstatements of the limit of indemnity;
- Automatic cover to meet any award of an Insurance Brokers Dispute Facility, sub-limited to $100,000
In accordance with our key objective of providing a market leading wording at a competitive price, the NIBA PI scheme is reviewed annually to ensure its continued ability to meet the needs of NIBA members.
How can I access the PI Scheme?
Access to the PI scheme is exclusive to NIBA members and is only available through the Accredited Brokers Noted below.
Austbrokers Professional Services P/L
P: 02 8913 1637
Steadfast IRS Pty Limited
P: 02 9034 5555
PI Direct Insurance Brokers P/L
P: 07 3387 2816
P: 02 8864 8710
NIBA members may contact any one of the above Accredited Brokers all of whom are authorised by NIBA and the Facility Manager to obtain terms from the Facility Insurers on behalf of Members.