As a broker, you are required to hold adequate professional indemnity (PI) insurance. NIBA offers members access to a PI scheme called the PI Facility. The Facility was established in 1986 and is backed by APRA regulated insurers.
Gallagher Broking Services Pty Ltd is the Facility Manager and reports directly to the NIBA PI Committee.
What does the PI scheme offer?
The NIBA scheme provides the following key benefits to our members:
- Comprehensive coverage at a competitive price
- Longevity of access to professional indemnity insurance
- APRA regulated insurers
- Superior service delivery.
Key coverage criteria
The PI Facility Insurance Policy has been framed around ASIC’s requirements under RG 126.
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.
NIBA PI scheme is reviewed annually to ensure that its competitively priced and continues 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 authorised accredited brokers below.
Austbrokers Professional Services P/L
P: 02 8913 1637
PI Direct Insurance Brokers P/L
P: 07 3387 2816