PI facility for AFSSDA members

The Australian Financial Services and Securities Dealers Association has negotiated with Lloyds of London to provide professional indemnity insurance products for its members.

Managing Director Jamie Coote said "We have been working for over a year on this major cost centre for our members businesses. We hope this will shake up the PI insurance market and our insurance partner (Robert Huntley) will be active in placing policies both in Australia and out of London directly."

Robert Huntley from Huntley Insurance Services won the tender to supply insurance services to AFSSDA members. Mr Coote continued "We are very happy with the outcomes so far. Robert has an understanding of our members businesses and a technical understanding of the PI market that makes our partnership a very good fit."

Besides decreasing costs, AFSSDA believes that the PI product wording that they have negotiated is industry leading.

Mr Coote concluded "It is probably the major area of our members businesses that they are vocal about as premiums can be astronomical. We are glad that our existing members will benefit and obviously hope non-member firms see it as a tangible benefit to joining AFSSDA."