Saving time and money for IPSA members A talk about insurance! - - PowerPoint PPT Presentation

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:

• Be for a limit of £2M per claim
• 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

Property Codes Compliance Board

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 Executive Neil Fraser e-mail: neil.fraser@towergate.co.uk Tel: 07484 080339 Account Handler Elaine Heffron e-mail: elaine.heffron@bibinsurance.co.uk Tel: 01325 347270 Address Oakwood House, 82 East Mount Road, Darlington, DL1 1LA Tel: 01325 353888

Questions?