Professional Indemnity Insurance for AFSL licensees.
The Financial Services Royal Commission has changed industry expectations around liability. Your existing policy requires a review, and likely a new direction.
When was your last review?
Financial Planners
Does your PI cover comply with ASIC’s Regulatory Guide 126?
Investment Advisers
Do you have a specialised PI policy, or are you using one for a Financial Planner?
Fund Managers
Can your PI policy be tailored to include D&O, Cyber, and Crime Cover?
Prosecution, not Negotiation.
With the completion of the Financial Services Royal Commission, a renewed focus by ASIC and APRA to prosecute rather than negotiate, and clients willing to ask more questions, there has never been a more important time to review your AFSL’s Professional Indemnity insurance.
Already this year we have seen the following developments in the Professional Indemnity market:
- Increases in insurance premiums of more than 20%
- Insurers asking specific questions, and looking to apply exclusions in relation to the Royal Commission
- A reduction in the number of insurers willing to insure AFSL holders
Check your coverage.
In 2015, ASIC conducted a review of the Professional Indemnity insurance market for AFSL licensees and identified a number of issues:
%
of policies failed to meet the minimum requirements for defence costs.
%
of policies excluded fraud and dishonesty by directors and employees.
Indemnity insurance is just the start
At Yarra Lane, we have over 20 years experience working with financial services professionals and specialise in the following insurances for AFSL holders:
Professional indemnity insurance
Financial Planners (retail & wholesale), Investment Managers, Fund Managers.
Cyber Liability insurance
Financial Planners (retail & wholesale), Investment Managers, Fund Managers.
Directors & Office
(Management Liability) insurance for Directors and Office holders.
What’s the next step?
We know you’re busy, and that your time is valuable. If you’d like for us to each out at a time convenient to you, pick a time from our online with system with a couple of taps.
Alternatively, call us during business hours on 1300 020 283
Chris Guy | CFP®
Insurance Broker | Financial Adviser
Being a business owner and Responsible Manager for both an AFSL and ACL, Chris has a thorough understanding of financial planning and funds management, and the inherant risks and challenges these professions face on a daily basis.
In his role as an insurance broker, he prides himself on working with his clients to obtain a deep understanding of their business, and developing an insurance program that provides them with the highest level of cover.
He has established relationships with all of the major Australian insurers and underwriters and often travels to Lloyd’s of London to work with underwriters and syndicate managers.
Visit the full Yarra Lane website.
From our clients
“We recently renewed our professional indemnity insurance after our first year in business and we are thankful to Chris for his thorough work and quick turn-around. Our business has ended up with more insurance coverage at a cheaper premium. We are very happy with his work and would recommend him to anyone.”
“I have trusted the team with my PI insurance needs for the last few years and highly recommend their services. They are thorough in their approach and know about all of the important nuances of the policies they recommend. Efficient from start to finish.”
Get AFSL Insurance
Whether you already have AFSL insurance and need a review, or this is your first time seeking coverage for your AFSL, we have a range of options to protect you and your future.
You can also reach out by telephone on 1300 020 283
Let’s chat
Let’s set up a phone call today, or preliminary meeting at the office.
5 / 607 St Kilda Road Melbourne VIC 3004
&
74 Keilor Road
Essendon North VIC 3041
1300 020 283
info@a-gfs.com.au
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Yarra Lane Insurance Brokers Pty Ltd is a Corporate Authorised Representative (CAR No. 473112) of Australian Broker Network, AFSL: 253131