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Professional Indemnity Insurance
We've had a few queries lately about professional indemnity insurance. It seems as if PI is becoming more costly and more time consuming to research. Since the collapse of HIH there seem to be fewer companies offering PI and we haven't found any that will deal with you directly, i.e. you must go through a broker. It is hard to get a quote over the phone. Most brokers ask you to complete a nine-page form but based on rough costing, we found out the following.
Using a salary of $70K to $110K (that equates to a daily rate of $500 over 7 to 12 months of billing days) we got the following quotes. The premiums range from $1200 to $1800 but it seems the best deal can be obtained by going through an association. Both the Institute of Management Consultants (IMC) and the Australian Institute of Training & Development (A.I.T.D.) offer their members special pricing for PI insurance. AMP (through a broker) offer $1 million coverage in any one claim, $2 million maximum coverage in any one-year and an excess of $1000 for $1200 premium (excluding GST and stamp duty).
AON (see IMC article) offer $2mil coverage in any one claim, $6mil maximum coverage in any one-year and an excess of $1000 for a premium of $670 (including GST and stamp duty). A.I.T.D. offer a similar deal. Feel free to contact us to discuss further.
We would like to advise TMN has always adopted strict privacy principles, by keeping all client and database details secure and not disclosing any of this information to any party without prior permission.
