IFA Solutions launches professional indemnity solution

2014-10-11

IFA Solutions, a division of Lloyd’s broker The Underwriting Exchange, has secured a deal with its underwriters to provide wider professional indemnity insurance for accredited financial planning firms as recognised by the Institute of Financial Planning (IFP).

Jamie Newell, chief executive of IFA Solutions, says: “IFP Accreditation shows dedication and application from a firm that they wish to achieve the best possible standards at all times, and our insurers have recognised this.”

The policy enhancements are:

• Full legal liability - many policy forms in the market are limited to negligent act, error and omission.
• Fraud cover up to GBP250,000 for partners/directors, former partners/directors employee/former employees.
• Cover for previous business activities while a member of a network.
• Costs and expenses to defend any criminal proceedings that could protect the insured against any subsequent civil action, subject to insurer’s consent.
• All costs, charges and expenses of legal representation not otherwise covered by the policy, and any costs awarded against the insured.
• Automatic inclusion of any newly acquired/merged/created businesses – subject to the policy conditions 
• Pro bono work
• No draconian claims notification conditions 

Newell says: “Despite numerous PI insurers continuing to introduce and maintain draconian claim notification conditions, such as a very brief time limit for notifying  a circumstance or claim in some cases only 14 days, our underwriters continue to recognise the impediment this can cause firms and the possible catastrophic ramifications and will not impose such conditions for accredited firms.”