PI Combined PI Combined PI Combined The following additional - - PowerPoint PPT Presentation

PI Combined

PI Combined

Professional Indemnity Combined provides flexible insurance solutions for UK domiciled Sole Traders, Partnerships and Limited entities in respect of civil liability for damages and claimant’s costs and expenses incurred in connection with the conduct of the Insured’s Professional Business. We cover a wide range of professions including: Accountants, Complementary Therapy & Training Professionals, Engineers, General Consultants & Business Service Consultants, Media Professionals, Surveyors and Technology Consultants.

The following additional covers are available to add on to the product:

• Directors and Officers (RSA’s full D&O

wording – not stripped back in cover)

• Corporate Legal Liability (£100k free

with D&O)

• Employment Practice Liability (£100k

free with D&O)

• Public/Products Liability
• Employers Liability
• Offices

Referrals Some risks and cover requirements may need further discussion with an RSA

• underwriter. This can be done through the
• nline product using the “Refer to

Underwriter” button. You can contact the team using the following: ☎ 03300 100 6560 📨 sme.extranet@uk.rsagroup.com You can access this cover through the following channels: 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 As the claimants had withdrawn from the purchase, the sellers of the property refused to refund the £10,000 deposit.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

Declines

 Trades: Architects, Design and Construct, Solicitors, IFA, Insurance Intermediaries, Motor Traders, Medical & Pharmaceutical  Design & Construct  Percentage turnover from EU/Rest of World/USA/Canada  Previously declared bankrupt, insolvent, liquidation or CCJs  Charity

Referrals

• Financial Stability
• Personal Tax Work %
• Non UK Income

PI Combined

Sweet Spots

 Business Consultancy  Accountancy  Training Consultancy  Property Letting  Quantity Surveyors  Estate Agents  Recruitment Consultants  Property Management  Marketing Consultants  Health & Safety Consultants

RSA Online Maximum Turnover Open Market Deal Complementary Therapists £500,000 £750,000 Surveyor £1,500,000 £1,500,000 Media/Technology Consultant £2,500,000 £3,500,000 General Consultant/ Business Service £2,000,000 £2,000,000 Engineer £1,500,000 £1,500,000 Accountant £1,000,000 £1,500,000

PI Combined Turnover Limits and Maximum Levels of Cover

PI Combined

Maximum Limits PI £5 million PL £5 million EL £10 million (standard) Legal Expenses (DAS) £250,000 (Free) Buildings £500,000 Contents £100,000 Computers £20,000 BI £1 million or ICOW £500k D&O, CLL and EPL £2 million

These limits vary on Acturis

PI Combined Where we are winning…

Examples of Strike Rate by Trades Travel Agency: 27% Management Consultants: 23% Accountants: 19% Surveyor: 18% PI Combined Eligibility Rate

RSA Online: 95% Acturis: 36% (we can see this is impacted by many decline trades that are quoted by brokers who do not know RSA appetite)

Average Premium £720

Since the PI relaunch: 831 brokers have quoted 313 brokers have taken out a PI Combined policy

PI Combined 2019 Big Wins

PI Combined

• Broker A

Engineer - Turnover £450,000 Premium - £10,000

• Broker B

Surveyor - Turnover £1.2 million Premium - £7,400

• Broker C

Quantity Surveyor - Turnover £400,000 Premium - £6,500

• Broker D

IT Consultancy - Turnover £2 million

Premium - £3,300

• Broker E

Business Consultancy - Turnover £1.8 million Premium - £3,000

• Broker F

IT Consultancy– Turnover £1.8 million Premium - £5,600

Largest Premiums Largest Turnover

PI Combined on RSA Online

RSA Online’s PI Combined is unique in the fact it lets you select which profession the business most closely associates with, rather than selecting from a large list of trades.

Choose from one of the following 6 trades to find

• ut more detailed information around our appetite in

these sectors:

• Accountant
• 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 - 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

PI Combined

Contacts

The Underwriting Team Yong Chun Pak eTrade ProFin Underwriter Jonathan Kiernan eTrade ProFin Underwriter Matthew Wallace eTrade ProFin Underwriter You can contact the underwriting team using the following:

☎ 03300 100 6560 📨 sme.extranet@uk.rsagroup.com