Renewal season for financial advisers’ Professional Liability Insurance is fast approaching, and Curated Risk Partner Clinton Stanger, offers practical ideas for advisers during what, he says, can sometimes be a frustrating or challenging process.
Renewal season for Professional Liability Insurance is predominantly June through to August and Stanger says a good starting point for advisers is to ensure they are being represented not only by experts who have experience in working with advisers and associations, but also an adviser who has access to, and influence with, insurers.
“Find the adviser who is right for your advice practice, who can help through the renewal process and an adviser that gives you the attention you deserve,” he says.
Stanger recommends choosing an adviser who has experience with advice practices.
“They will be representing you to the market so it is imperative you choose an adviser you trust and gives you confidence that your FAP will be presented strongly to insurers.
“It is your adviser who will navigate the challenges of the renewal process, demand the attention of insurers and achieve the outcome you deserve. But they should not stop there: You should feel well-informed, have a good level of engagement, and be confident in the programme you both selected.”
He says advisers should ask their own adviser:
- Are you a specialist professional liability adviser for financial advisers?
- Which insurers do you work with?
- Do you have any special or exclusive arrangements with any insurers?
- How quickly can you get an answer from the market?
- Do you have experience in helping advisers when a claim is made against us?
- Do you access to a premium finance facility to fund the premium?