NEC Monthly Sales Meeting September 2016 Saving time and money for IPSA members
A talk about insurance!
What are we offering? Cheaper Professional Indemnity insurance • Cheaper Search Indemnity Insurance • An easy process with us and the PCCB. •
Who are we and why have IPSA partnered with us? BIB Insurance Brokers • Based in Darlington with 40 staff • Friendly & professional • Professional Indemnity expertise • In house claims team • Part of Towergate • The largest independent insurance broker in Europe • 3 million insurance policies • 4,500 employees • 70 offices throughout the UK • What we do • Work with SMEs and Trade Associations to deliver insurance solutions • Leverage the size of the larger Towergate group to ensure we get the best deals from • insurers • Run BIB like the family built business it is – focussing on our staff and clients with the support from a bigger group The power & professionalism of a national broker but with the service and friendliness of a local broker.
How did we get to this point? IPSA asked us to work with them to help the members with their • insurance requirements The criteria was: • Provide Professional Indemnity (PI) & Search Indemnity (SI) • policies which are exclusive to IPSA members The cover needs to meet the requirements of both IPSA & PCCB • Compete on price with the members’ current arrangements • Provide comparable or enhanced protection to that currently • bought by the members in terms of limits of indemnity and policy excesses Allow up to 6 years run-off cover on the PI. •
What have we delivered? Professional Indemnity 5% discount off your current insurer’s renewal offer • Match your current limit of indemnity (£2M minimum per claim) • £250 excess each & every claim, (even if your current excess is higher) • Provision for run-off cover annually for up to 6 years • Bespoke policy wording for IPSA members. •
What have we delivered? Search Indemnity £1.95 per search (including IPT at the current rate of 12%) • £2M limit of indemnity per search • Covers commercial and residential properties in England & Wales • Bespoke policy wording for IPSA members. •
Does it meet IPSA & PCCB Requirements? The requirements state that the PI cover must: Property Codes Be for a limit of £2M per claim • Compliance Board Be arranged with an insurer authorised by the FCA/PRA • Cover the activities of search services • Offer run-off cover for up to 6 years • The requirements also state that search cover must: Be provided as an extension of the PI policy or as a separate “per • search” policy Be for a limit of £2M per claim • Our policies meet all these requirements
How can I arrange the cover? Professional Indemnity Send BIB a copy of the last proposal form you completed • Sign a No Claims Declaration • Send a copy of your renewal notice • BIB will arrange for the scheme quote which will be 5% cheaper • Search Indemnity Tell BIB you want to go ahead • BIB will issue you with a master policy, individual search certificate and a • simple monthly bordereau template Submit monthly bordereaux along with the payment of £1.95 per search. •
Need more help? Speak to Neil and the team at BIB who will help with: Sorting out your PI quote • Setting up your Search Indemnity facility • Any other insurance requirements you may have • We are a friendly and professional team who are here to help you IPSA Scheme Contacts Account e-mail: neil.fraser@towergate.co.uk Neil Fraser Executive Tel: 07484 080339 Account e-mail: elaine.heffron@bibinsurance.co.uk Handler Elaine Heffron Tel: 01325 347270 Address Oakwood House, 82 East Mount Road, Tel: 01325 353888 Darlington, DL1 1LA
Questions?
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