PI Combined
PI Combined PI Combined The following additional covers Referrals are available to add on to the product: Some risks and cover requirements may Professional Indemnity Combined provides need further discussion with an RSA flexible insurance solutions for UK domiciled underwriter. This can be done through the Sole Traders, Partnerships and Limited entities • Directors and Officers (RSA’s full D&O online product using the “Refer to in respect of civil liability for damages and wording – not stripped back in cover) Underwriter” button . claimant’s costs and expenses incurred in connection with the conduct of the Insured’s • Corporate Legal Liability (£100k free Professional Business. with D&O) You can contact the team using the following: • Employment Practice Liability (£100k ☎ 03300 100 6560 We cover a wide range of professions including: free with D&O) 📨 sme.extranet@uk.rsagroup.com Accountants, Complementary Therapy & • Public/Products Liability Training Professionals, Engineers, General Consultants & Business Service Consultants, • You can access this cover through the Employers Liability Media Professionals, Surveyors and following channels: Technology Consultants. • Offices RSA Online Acturis
PI Combined PI Combined Claims Examples IT Professional Insured received an email from a major IT company advising that they had been contacted by solicitors alleging that the insured had infringed their client's intellectual property rights by selling an app which was essentially the same as one developed by the solicitors client and seeking damages of over £100,000. Insured removed app from sale and claim has not been further pursued. Estate Agent Insured acted as estate agents in the sale of an old residential property in the South of England. The claimants sought the advice of our insured when purchasing the property and viewed the house before submitting an offer. A condition of the sale was the payment of a non-refundable deposit of £10,000. The claimants paid this, but subsequently withdrew from the purchase stating that they became aware through internet searches that the property was haunted. They claimed that the insured were aware of this fact and failed to disclose this to them during the viewing. As the claimants had withdrawn from the purchase, the sellers of the property refused to refund the £10,000 deposit. The claimants sought recovery from the insured but the claim was rejected, as the insured were unaware of the 'fact' that the property was haunted. Furthermore, the insured and the sellers of the property disputed the claimant's allegation that the property was haunted.
PI Combined PI Combined Common Declines and Referrals Sweet Spots Declines Trades: Architects, Design and Construct, Solicitors, IFA, Insurance Business Consultancy Intermediaries, Motor Traders, Medical & Pharmaceutical Accountancy Design & Construct Training Consultancy Percentage turnover from EU/Rest of World/USA/Canada Property Letting Previously declared bankrupt, insolvent, liquidation or CCJs Quantity Surveyors Charity Estate Agents Recruitment Consultants Referrals Property Management Marketing Consultants Health & Safety Consultants • Financial Stability • Personal Tax Work % • Non UK Income
PI Combined PI Combined Turnover Limits and Maximum Levels of Cover Maximum Limits Maximum Turnover RSA Online Open Market Deal PI £5 million PL £5 million Complementary Therapists £500,000 £750,000 Surveyor £1,500,000 £1,500,000 EL £10 million (standard) Legal Expenses (DAS) £250,000 (Free) Media/Technology Consultant £2,500,000 £3,500,000 General Consultant/ Business Service £2,000,000 £2,000,000 Buildings £500,000 Engineer £1,500,000 £1,500,000 Contents £100,000 Computers £20,000 Accountant £1,000,000 £1,500,000 BI £1 million or ICOW £500k These limits vary on Acturis D&O, CLL and EPL £2 million
PI Combined PI Combined Examples of Strike Rate by Trades Eligibility Rate Where we are winning… Travel Agency: 27% RSA Online: 95% Acturis: 36% (we can see this is impacted by Management Consultants: 23% many decline trades that are quoted by brokers who do not know RSA appetite) Accountants: 19% Average Premium Surveyor: 18% £720 Since the PI relaunch: 831 brokers have quoted 313 brokers have taken out a PI Combined policy
PI Combined PI Combined 2019 Big Wins Largest Turnover Largest Premiums • Broker D • Broker A IT Consultancy - Turnover £2 million Engineer - Turnover £450,000 Premium - £3,300 Premium - £10,000 • Broker B • Broker E Surveyor - Turnover £1.2 million Business Consultancy - Turnover £1.8 million Premium - £7,400 Premium - £3,000 • Broker C • Broker F Quantity Surveyor - Turnover £400,000 IT Consultancy – Turnover £1.8 million Premium - £6,500 Premium - £5,600
Choose from one of the following 6 trades to find PI Combined on RSA Online out more detailed information around our appetite in these sectors: RSA Online’s PI Combined is unique in the fact it lets you select which profession the business most closely associates with, rather than • Accountant selecting from a large list of trades. • General Consultant/Business Services • Engineer • Complementary Therapy & Training • IT and Media Professionals • Surveyor There is also an option to add in the Insureds specific business description to appear on the documents. Without the need for referral.
PI Combined PI Combined - Why RSA • Ability to Cross-sell on a single policy on RSAOnline You can easily add RSA’s full D&O cover, Plus a number of other modular covers. All on one policy • Experian Integration You can input the company registration number and the system pre-populates company details such as the company name and registered address • Our excellent Claims Service Market leading claims managed by our in-house team • RSA’s team of dedicated eTrade ProFin Underwriters Contactable via web chat, email or phone • RSAOnline has been updated and has an improved look and flow New features such as integrated look-up, quote notes and single quote versioning all offer an even better broker journey
Contacts The Underwriting Team You can contact the underwriting team using the following: Yong Chun Pak eTrade ProFin Underwriter ☎ 03300 100 6560 📨 sme.extranet@uk.rsagroup.com Jonathan Kiernan eTrade ProFin Underwriter Matthew Wallace eTrade ProFin Underwriter
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