Vero and APUA have developed a new professional indemnity policy following increased professional indemnity claims during the global financial crisis.
Vero’s Head of Casualty Alex Green said the additional wording gives planners the option of two specialised Professional Indemnity products with greater choice around the cost and coverage, for them to select in consultation with their broker.
Green explained, “Our current policy provides broader cover which may not be required by all of our policyholders – so we will now offer a choice of two policy wordings. Before the global financial crisis we received around 5 claim notifications from the financial services industry per month – this jumped to around 60 notifications at the peak of the crisis.”
“Vero and APUA have provided Professional Indemnity cover for financial planners and investment advisers for over 10 years and have established a strong reputation for providing quality coverage and service. Introducing this new policy will ensure we can continue providing support to the financial services sector.”
Vero says it will continue to offer the traditional Financial Planners Extended Professional Indemnity Insurance Policy, but will also offer a new wording called Financial Planners Standard Professional Indemnity Insurance Policy which is closer in coverage to other wordings in the market.
“The new policy is tailored to suit smaller firms or those that need to balance the cost of their professional indemnity cover with the other expenses of running a modern financial planning or investment advisory firm,” Mr Green said.
Vero’s new Financial Planners Standard Professional Indemnity Insurance Policy became available on 1 April 2011.
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