The Adviser Platform (TAP) is offering professional indemnity (PI) cover underwritten by international insurance firm QBE.
TAP’s Managing Director Ryan Edwards says that thanks to its scale and buying power, his firm is able to offer cover at competitive rates.
TAP’s PI cover features an unlimited retroactive date, a standard $2,000 excess, and insurance that covers FAPs, employed, and contractor advisers.
“The excess is one of the lowest in the market,” says Edwards. “Underwriting is also offered on business turnover, not the number of advisers.”
Single adviser pricing starts at $2,600 plus GST a year and includes a $10 million limit on any one claim, and $30 million in the aggregate.
Edwards says: “Like everything we do at TAP, the aim of getting this scheme up and running was to ensure FAPs of any size could continue to thrive in the new market.”
Do you have professional indemnity cover for your advice business?
- Yes – and I intend to keep it (88%)
- No – and I don't plan to get it (9%)
- Yes – but I plan to cancel it (3%)
- No – but I intend to obtain it (0%)
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