ACCOUNTANTS
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Pii Brokers provide cover that complies with the main regulatory bodies for accountants, as well as those who are either unqualified or members of an alternative regulatory body. For your reference we have listed the basic criteria required by the following regulatory bodies:
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ICA
Required Limit of Indemnity:
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Two and a half times the firm's gross fee income for past financial year, subject to a minimum of £100,000 and a maximum of £1,500,000.
Maximum Excess:
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Sole practitioners - £30,000 in the aggregate.
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Partnerships - £30,000 in the aggregate multiplied by the number of principals.
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Corporate practices - £30,000 in the aggregate or the total amount accepted by the principal as a legally binding personal obligation (but not more than £30,000 for any one principal).
Main features of rules:
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Cover to be provided via an insurer from the 'List of participating Insurers' published each year by the Institute.
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Cover must conform to the Institute 'approved wording' - a 'difference in conditions' clause must be included where cover differs.
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Retroactive cover of 6 years or establishment date of practice must be provided.
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An 'Assigned risk pool' exists for those practices unable to obtain cover.
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Run-off cover following cessation must be maintained for 2 years, but it is recommended that run-off is continued for 6 years.
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ACCA
Required Limit of Indemnity:
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Fee income less/equal to £200,000 - the greater of two and a half times the firm's total income for past financial year and 25 times largest fee paid in past financial year, subject to a minimum of £50,000.
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Fee income £200,000-£700,000 - the greater of the aggregate of £300,000 and the firm's total income for past financial year and 25 times largest fee paid in past financial year.
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Fee income over £700,000 - the greater of £1,000,000 and 25 times the largest fee paid in past financial year.
Maximum Excess:
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The lesser of 2% of the limit of indemnity in respect of each and every claim or £20,000 per principal.
Main features of rules:
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Cover to be provided by 'reputable' (DTI approved) insurers.
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Cover to be on a 'civil liability' basis for each and every claim.
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Fidelity guarantee cover must be included for partners, directors and employees.
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Run-off cover following cessation of practice must be maintained for 6 years.
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CIOT
Required Limit of Indemnity:
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The greater of two and a half times the firm's gross fee income for its last financial year or 25 times largest fee raised in past financial year subject to a minimum of £100,000 for a sole practitioner or £200,000 in any other case and a maximum of £1,000,000.
Maximum Excess:
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The lower of £20,000 per principal in the aggregate or 2% of the limit of indemnity.
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Main features of rules:
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Cover to be provided by any EU insurers authorised by law.
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Cover to be for all 'civil liability' incurred in connection with the conduct of the business.
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Fidelity guarantee cover is 'recommended' but not compulsory.
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Run-off cover following cessation must be maintained for at least 6 years.
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Firms regulated by certain other professional bodies may be exempt from the CIOT PI requirements.
AAT
Required Limit of Indemnity:
The minimum level of cover a firm must have must be the greatest of:
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For sole traders:
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2.5 times the firm's gross fee income and £50,000
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For partnerships:
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2.5 times the firm's gross fee income and £100,000
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For limited companies:
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2.5 times the firm's gross fee income and £100,000
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If the gross fee income of the firm is greater than £400,000, the maximum level of PII cover required by these regulations is £1,000,000. However firms should always consider whether this is sufficient for their situation.
Maximum Excess:
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In the case of a sole trader, £10,000;
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In the case of a partnership, £10,000 per partner;
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In the case of a limited company, £10,000 per director.
Main features of rules:
Members licensed to carry out Limited Assurance Engagements must ensure that their PII covers Limited Assurance Engagements and potential third party claims.
These are minimum limits only, and we are of course able to arrange higher limits of indemnity if required.
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The professional indemnity market for accountants is extremely competitive, however we have access to all of the major insurers to the profession and you will be able to benefit from our policy of reduced commissions.
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To obtain a quotation please complete and return one of the proposal forms in your preferred format, or proceed from the Instant PII Quote button, available above. Alternatively if you currently have a policy simply forward a copy of your renewal submission.
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Please call us if you would like to discuss your professional indemnity insurance requirements.
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ADVERTISING & MEDIA CONSULTANTS
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Pii Brokers arrange professional indemnity insurance for a wide variety of media companies including advertising agencies, public relation consultants and telemarketing companies
Claims made against the Insured arising from:
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Any breach of professional duty
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Libel or slander
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Unintentional breach of confidentiality
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Unintentional infringement of intellectual property rights
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Loss of or damage to documents
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Dishonesty of employees
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The legal costs of prosecuting claims for infringement of intellectual property rights
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All legal costs for representation at any enquiry which has a direct relevance to any claim or circumstance
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Additional expenses directly incurred in rectifying a problem which might otherwise lead to a claim
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Recovery of the insured's fees where a client is dissatisfied with the work and has threatened to bring a claim
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Claims where the Insured is committed to pay for media space or print time where the client has refused to pay as the Insured has acted outside their authority
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Claims made against the insured arising from malicious falsehood
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Claims made against the insured for product disparagement or breach of any comparative advertising regulations
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Defence costs (lawyers, court costs, experts etc.) payable in addition to the indemnity limit
Please call us to discuss your professional indemnity insurance requirements.
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ARCHITECTS
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Pii Brokers offer professional indemnity insurance policies that comply with the minimum requirements of the Architects Registration Board
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The policies, unless otherwise stated, are based on a civil/legal liability wording with legal expenses applying in addition to the any one claim limits of indemnity stated below.
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Mimimum Limits of Indemnity required by the ARB as at 7th February 2006:-
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£250,000 where the gross fee income of the practice in the last financial year was less than £100,000
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£500,000 where the gross fee income of the practice in the last financial year was between £100,000 and £200,000
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£1,000,000 where the gross fee income of the practice in the last financial year exceeded £200,000
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These are minimum limits only, and we are able to arrange higher limits of indemnity if required.
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Architects are also required to arrange run-off cover when they cease to practice. This cover must be maintained for at least six years, and should be held at the highest level in the preceding three years prior to cessation of practice.
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The professional indemnity market for architects is extremely competitive, however we have access to all the major insurers to the profession and you will be able to benefit from our policy of reduced commissions.
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To obtain a quotation please complete and return one of the proposal forms in your preferred format, available above. Alternatively if you currently have a policy simply forward a copy of your renewal submission.
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Please call us if you would like to discuss your professional indemnity insurance requirements.
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Our details are available on our contact page.
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We look forward to hearing from you.
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CARE & HEALTH CONSULTANTS
LIABILITY, INDEMNITY & MALPRACTICE FOR CARE AND HEALTH CONSULTANTS
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Pii Brokers can arrange bespoke insurance cover for a wide range of health and care organisations. The cover comprises three elements, the first of which is mandatory, the second and third optional:
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RESPONSIBILITY TO THIRD PARTIES​​
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General Liability ​
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Professional Liability
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Management Liability
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Entity Defense
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RESPONSIBILITY AS AN EMPLOYER​
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Employers Liability​
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Employment Law Protection
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Personal Accident
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PROTECTION OF ASSETS
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Fidelity​
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Property Damage
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Business Interruption
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Specified All Risks
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Money & Personal Assault
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A sample of the types of organisations for which have markets for are:
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Assisted living services
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Care and day centres
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Counselling and therapy services
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Children's homes
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Community action groups
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Foster care agencies
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Hospices
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Nurseries and playgroups
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Rehabilitation houses
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Youth centres and hostels
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All of the policies that we advise on are tailored to our clients specific requirements.
Please call us if you would like to discuss your care and health consultancy insurance requirements.
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COMPLEMENTARY THERAPISTS
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​​Pii Brokers are a market leader in the provision of professional indemnity insurance to complementary therapists, and have one of the broadest combined malpractice and professional liability wordings currently available. Our policy, unless otherwise stated, provides cover for claims made against you by a third party arising from a negligent act, error or omission by your practice occurring in the course of your business and which demonstrably results in the third party suffering from:
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a financial loss
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bodily injury (including death, disease, illness and/or mental anguish)
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damage to their property
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In addition to this we are often able to add cover for any legal expenses incurred in defence of a claim up to limit of £100,000 at no additional charge. We will happily forward a copy of our wording for your particular profession, and if required provide you with a policy comparison to your existing cover.
Our clients comprise the full spectrum of this varied profession, and if you would like to discuss your particular insurance requirements, or that of your members, please call us.
To obtain a quotation please complete and return one of the proposal forms in your preferred format, available above.
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Alternatively, if you currently have a policy simply forward a copy of your renewal submission.
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CONSULTING ENGINEERS
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Pii Brokers arrange professional indemnity insurance for a wide variety engineers.
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Specific coverage will depend on the particular insurers policy, and if you are seeking cover for any of the exposures listed below please contact us for advice:-
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Claims made against the Insured arising from any civil liability
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The legal costs of prosecuting claims for infringement of intellectual property rights
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Legal defence costs in dealing with certain criminal proceedings
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Costs of representation at certain other inquiries or proceedings
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Collateral Warranties
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Defence costs
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Please call us to discuss your professional indemnity insurance requirements.
Our details are available on our contact page.
We look forward to hearing from you.
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DESIGN & CONSTRUCTION​
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Pii Brokers arrange professional indemnity insurance for a wide variety of design and construction consultants.
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Specific coverage will depend on the particular insurers policy, and if you are seeking cover for any of the exposures listed below please contact us:
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Any negligent act error or omission
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Libel or slander
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Unintentional breach of confidentiality
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Unintentional infringement of intellectual property rights
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Loss of or damage to documents
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Dishonesty of employees
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The legal costs of prosecuting claims for infringement of intellectual property rights
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Legal defence costs in dealing with certain criminal proceedings
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Costs of representation at certain other inquiries or proceedings
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Costs and expenses taken to mitigate a loss
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Collateral warranties
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Defence costs in addition to the policy limit
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Please call us to discuss your professional indemnity insurance requirements.
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Our details are available on our contact page.
We look forward to hearing from you.
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DIRECTORS & OFFICERS
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D&O cover provides directors, non-executive directors and officers with indemnity against a wide range of potential legal actions which they can face in the course of carrying out their normal duties and which may put their personal assets at risk.
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In certain circumstances, a director or officer may be held personally liable for a breach of a duty of care, skill or contract with the potential for unlimited financial liability.
Unless otherwise stated, the policy provides cover for:
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Damages, judgements or settlements
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Costs and expenses awarded against a Director or Officer
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Legal Defence Costs
You may obtain an instant quote online, or, if your details breach the criteria required for an online quote, please complete and return a proposal form available at above right.
Please call us if you would like to discuss your directors and officers insurance requirements.
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Our details are available on our contact page.
We look forward to hearing from you.
IFA'S​
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Pii Brokers specialise in providing advice and arranging professional indemnity insurance for IFA's.
Our team of account handlers have over 20 years experience in this sector and an in depth knowledge of the regulatory/coverage specific issues currently affecting IFA's.
Some key features of the policies that we can arrange:
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Minimum premiums that start at £1,400
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Interest free installments over 11 months
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Coverage for claims relating to the insolvency of financial institutions (Many policies exclude this event). 'A' rated security, Lloyd's & company markets.
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Dedicated in-house claims management team, with unrivalled experience of the complaints resolution process.
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Insurers that have been continuously insuring IFAs/Insurance Brokers for over 20 years.
We understand that the data collection required for the proposal forms can be onerous and to mitigate this we have obtained agreement with underwriters to provide indicative terms based on a copy of your renewal form.
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If you are a new start up firm please complete and return one of the proposal forms above.
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Simply forward your submission by e-mail to ifa@piibrokers.co.uk, or post.
Please call for an instant indication or to discuss your particular PII requirements.
Our details are available on our contact page.
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INSURANCE BROKERS​
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All insurance brokers and intermediaries carrying out a regulated activity in relation to contracts of insurance are required to be authorised by the Financial Conduct Authority (FCA).
Part of the requirement is that these firms must carry professional indemnity insurance with a minimum limit of indemnity of €1,300,380 any one claim or €1,924,560 aggregate and an allowable excess of:
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£5,000 or 3% annual income for firms holding client money and assets; or
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£2,500 or 1.5% annual income for firms not holding client money and assets; or
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a higher excess where the firm holds additional capital.
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Pii Brokers provide FCA compliant cover for insurance brokers, combining excellent advice with a broad range of markets.
Just click the 'quote button' above for an instant quote and to buy online.
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Please call us if you wish to discuss your specific requirements Tel: 020 7375 9883.
We look forward to hearing from you.
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IT CONSULTANTS​
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Pii Brokers arrange professional indemnity insurance for a wide variety of IT consultants.
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Specific coverage will depend on the particular insurers policy, and if you are seeking cover for any of the exposures listed below please contact us:
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Any breach of professional duty
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Breach of a contract to design or supply deliverables
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Unintentional breach of confidentiality
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Unintentional infringement of intellectual property rights (many policies limit this cover to copyright only)
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Loss of or damage to documents
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Dishonesty of employees
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The legal costs of prosecuting claims for infringement of intellectual property rights
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Bodily injury and Property damage cover up to the policy limit
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Recovery of the insured's fees where a client is dissatisfied with the work and has threatened to bring a claim
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Defence costs (lawyers, court costs, experts etc.) are payable in addition to the indemnity limit
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Please call us to discuss your professional indemnity insurance requirements.
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MEDICAL CONSULTANTS​
MEDICAL MALPRACTICE INSURANCE FOR CONSULTANTS
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Pii Brokers are a market leader in the provision of professional indemnity insurance to medical consultants, from community care to one of the largest medical personnel placement agencies in the UK. We can access the broadest combined malpractice and professional liability wordings currently available. Our policies, unless otherwise stated, provide cover for claims made against you by a third party arising from negligent acts, errors or omissions by your practice occurring in the course of your business and which demonstrably result in the third party suffering from:
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a financial loss
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bodily injury (including death, disease, illness and/or mental anguish)
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damage to their property
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In addition to this we are often able to add cover for any legal expenses incurred in defence of a claim up to limit of £100,000 at no additional charge. We will happily forward a copy of our wording for your particular profession, and if required provide you with a policy comparison to your existing cover.
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To obtain a quotation please complete and return one of the proposal forms in your preferred format, available above.
Alternatively, if you currently have a policy simply forward a copy of your renewal submission, or call us if you would like to discuss your medical malpractice insurance requirements.
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MEDICAL INSTITUTIONS​
MEDICAL MALPRACTICE INSURANCE FOR INSTITUTIONS
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Pii Brokers provide advice on and arrange Medical Malpractice Liability Insurance. Our policies, unless otherwise stated, provide cover in respect of death, bodily injury, mental injury, illness or disease to any patient caused by any actual or alleged negligent act, error or omission. In addition all of our policies include cover for Good Samaritan acts on a worldwide basis.
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A sample of the organisations for which have markets for are:-
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Hospitals
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Clinics
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Nursing Homes & Residential Care Homes
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Medical Employment Agencies
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All of the policies that we advise on are tailored to our clients specific requirements and, subject to underwriters approval, we are able to arrange extensions to the standard policy that can cater for risks such as:
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AIDS and Hepatitis Non-A
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Breach of Confidentiality
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Dishonesty of Employees
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Libel and Slander
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Loss of Documents
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Public Liability
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Please call us if you would like to discuss your medical malpractice insurance requirements.
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MORTGAGE BROKERS​
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Mortgage Brokers seeking cost effective professional indemnity insurance can now obtain an instant quotation by calling 020 7375 9883.
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Some key features:
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Flexible payment methods
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Policy documentation sent instantly upon receipt of payment.
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'A' rated security provided by Axa Insurance.
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Dedicated in-house claims handling provided by Collegiate Claims Management.
We understand that the data collection required for the proposal forms can be onerous and to mitigate this we have obtained agreement with underwriters to provide indicative terms based on a copy of your renewal form.
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If you are a new start up firm please complete and return one of the proposal forms above.
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Simply forward your submission by e-mail to ifa@piibrokers.co.uk, or post.
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A full copy of the policy wording can be downloaded above right and please call if you wish to discuss any aspect of the coverage provided.
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MISCELLANEOUS​
OTHER PROFESSIONS
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A professional indemnity policy indemnifies the professional for liability for loss caused to others arising from a professional mistake. Some policies are restricted to breaches of professional duty arising through 'negligence' but others are broader and refer to 'any civil liability', subject to certain exclusions. This cover extends beyond negligence to any contractual liability, nuisance, breach of statutory duty, libel and slander, breach of copyright, breach of confidentially and breach of warranty of authority.
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Pii Brokers have access to markets that provide professional indemnity to a wide range of professions from accoustic consultants to yacht brokers.
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To obtain a quotation please complete and return one of the proposal forms in your preferred format, available above. Alternatively if you currently have a policy simply forward a copy of your renewal submission.
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Please call us if you would like to discuss your professional indemnity insurance requirements.
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RESIDENTS ASSOCIATIONS​
RESIDENTS ASSOCIATIONS INSURANCE
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Policies provide cover for directors, non-executive directors and officers with indemnity against a wide range of potential legal actions which they can face in the course of carrying out their normal duties and which may put their personal assets at risk.
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In certain circumstances, a director or officer may be held personally liable for a breach of a duty of care, skill or contract with the potential for unlimited financial liability.
Unless otherwise stated, the policy provides cover for:
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Damages, judgements or settlements
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Costs and expenses awarded against a Director or Officer
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Legal Defence Costs
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If your details breach the criteria required for an online quote, please contact us so that we may provide you with a proposal form.
Please call us if you would like to discuss your insurance requirements.
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SOLICITORS
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Pii Brokers specialise in providing advice and arranging professional indemnity insurance for solicitors.
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Our panel of five Law Society approved insurers allow us to obtain the most competitive terms for both mainstream firms and those that specialise in specific areas such as intellectual property.
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In addition, we can cater for any size of firm including those that have had difficulty in obtaining cover elsewhere due to a poor claims history, or involvement with the Assigned Risk Pool.
You may obtain your quotation by:-
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Calling us for an indication on 020 7375 9883.
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E-mailing (solicitor@piibrokers.co.uk ) a copy of the renewal submission for your current provider.
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Completing and returning the proposal form above.
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SURVEYORS & ESTATE AGENTS
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ESTATE AGENTS
Pii Brokers offer professional indemnity insurance which complies with the requirements of the estate agents ombudsman. Details can be found on https://www.tpos.co.uk/join-the-scheme/application-requirements
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SURVEYORS
Pii Brokers offer professional indemnity insurance that complies with the regulations of the RICS from approved insurers.
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RICS
The minimum limits of indemnity for annual fee levels are:
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Up to £100,000, £250,000
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Over £100,000 up to £200,000, £500,000
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Over £200,000, £1,000,000
In addition the rules impose maximum excesses which will depend on the limit of indemnity.
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Maximum excesses:
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Where the limit of indemnity is less than £500,000 the maximum excess should be no greater than 2.5% of the limit of indemnity or £10,000 whichever is the greater.
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For indemnity limits over £500,000 then the maximum excess is 2.5%.
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We also offer cover that complies with the The Association of Residential Letting Agents (ARLA).
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ARLA
The minimum limits of indemnity for annual fee levels are:
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£150,000 where fee income is less than £150,000.
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Where the income level exceeds £150,000 the minimum limit of indemnity purchased must be £500,000.
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These are minimum limits only, and we are of course able to arrange higher limits of indemnity if required.
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The professional indemnity market for surveyors is extremely competitive, however we have access to all the major insurers to the profession and you will be able to benefit from our policy of reduced commissions.
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To obtain a quotation please complete and return one of the proposal forms in your preferred format, available above. Alternatively if you currently have a policy simply forward a copy of your renewal submission.
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Please call us if you would like to discuss your professional indemnity insurance requirements.
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