Financial Advice NZ’s professional liability insurance offering for members has been updated for the 2022 renewal, says the organisation’s CEO Katrina Shanks.
The are three parts to the scheme, which is being offered in partnership with Clinton Stanger‘s Curated Risk, and these are:
- Professional indemnity insurance
- Management liability insurance, and
- Cyber risk liability insurance
“We consider the programme will provide you and your FAP with the cover you require to provide financial advice in the new [financial] regime,” says Shanks. “We have recognised there are different types of advice and have structured the insurance product and premium accordingly.”
Shanks says a key strength of the offer is that it can be tailored to the specific requirements of each adviser. Financial advisers can obtain base cover of up to $5 million and apply for additional layers to $15 million.
Insurance firm Ando will provide capacity for the mortgage, life and health, and KiwiSaver advice liability insurance. Meanwhile, Berkshire Hathaway will provide the programme for advisers who offer investment advice.
Shanks says: “Curated Risk will provide advice to ensure you understand the cover being applied for, and that it is fit for purpose.
“We are confident that our programme is unique and allows our members to implement the right protection for their business.
“We will be actively working with Curated Risk over the next 12 months to develop the programme further, to provide opportunities for members to better understand the cover that they have, and looking at new initiatives we can add to the programme.”