Financial Advice NZ has released details of its liability insurance offer, which includes professional indemnity (PI) cover.
In a message to the organisation’s members, its CEO Katrina Shanks says PI cover is a “hardening market” and the process to finalise its offering “…has been robust”.
“These have been uncertain times due to the changing regulatory environment and the risk appetite of insurers,” she says.
“We know the value of professional indemnity insurance to you as it provides you and your clients important protections if something goes wrong.
“We understand and appreciate the concerns you have in relation to obtaining professional indemnity insurance.”
Shanks says it is important her organisation provide an “effective, sustainable, and comprehensive” liability programme for financial advisers. She says the programme meets the needs of FAPs in both Class 1 (sole advisers) and Class 2 (more than 2 financial advisers in a FAP).
In addition to PI cover, Financial Advice NZ’s insurance offering includes a suite of management liability insurances, developed with the help of its adviser Marsh.
Full details are here.