Professional Indemnity Insurance

Only for SSAI Members

The SSAI is delighted to announce that Insurance Advisernet Australia Pty Ltd (IAA) have brokered an exclusive arrangement with Chubb Insurance Australia Ltd, who are a market leader in specialty insurance coverages, which are uniquely designed for specific industries. IAA currently administer a successful Professional Indemnity Insurance facility for Mortgage Brokers and Financial Advisers. This Facility is also underwritten by Chubb.

In the case of the agreement with SSAI the Facility is open to all with an interest in statistics and the Society’s objectives, just like SSAI Membership. However, premiums are discounted for current Members.

Facility premiums for current Members are based as follows:

  1. 1.   Expiring policy premiums less 15%, plus Statutory Charges and an Administration Fee of $99.00.
  2. Minimum premium levels to apply based on Limits and Revenue as per the Table below.
  3. Automatic Reinstatement of Limit
  4. Expiring Deductibles to apply, subject to a Minimum Deductible of $1,000.

PREMIUM RATING TABLE

Limit of Indemnity

Revenue

Minimum Premium

$1,000,000

<$250,000

$800++

$1,000,000

$250,000 – $500,000

$1,200++

$1,000,000

$500,000 – $1,000,000

$1,500++

$2,000,000

<$250,000

$1,200++

$2,000,000

$250,000 – $500,000

$1,500++

$2,000,000

$500,000 – $1,000,000

$2,250++

$5,000,000

<$250,000

$1,900++

$5,000,000

$250,000 – $500,000

$2,500++

$5,000,000

$500,000 – $1,000,000

$3,000++

 

Notes:    1. ++ refers to GST and Stamp Duty relevant to the Members’ State or Territory

2.  Any Members with Revenue exceeding $1,000,000 would need to be referred for individual rating.

 

PREMIUM CALCULATION EXAMPLE

 

 

Current Policy

Facility Policy

Premium

$1,000.00

$850.00

GST

$   100.00

$  85.00

Stamp Duty (NSW)

$     55.00

$  46.75

Total Premium

$1,155.00

$981.75

Premium Saving

 

$173.25

Policy Fee

?????

$99.00

 

 

It should be noted that most policies currently purchased by Members will be subject to a Policy or Administration Fee charged by the Broker or the Underwriting Agent. In the majority of cases this Fee will be in excess of the $99.00 proposed for the Facility.

 

The above example is based on what would be close to a Minimum Premium. The higher the premium, in most the higher the premium saving will be.

 

More information on the Professional Indemnity Insurance facility will be available on the SSAI website shortly.

For now the information regarding the insurance facility can be accessed by clicking on the following links:

Insurance Services Proposal

Chubb PI Policy Wording

ChubbPro SSAI Endorsements

ChubbPro sell sheets

Chubb Fin Strength and Awards 2011

Chubb Pro Top 10

Any member interested in changing their current Indemnity Insurance Policy over to Chubb is kindly requested to do this initially by contacting the SSAI office.

Insurance Advisernet Australia Pty Ltd (IAA) have also agreed to provide other insurances at a competitive rate for our members. More information will be available soon, but if you have a current policy due for a renewal, please contact the office and I will provide you with a contact name.

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