Industry Overview

Everest Risk Group is a firm, specialising in Professional Indemnity (PI) and Investment Managers Insurance (IMI) for Australian Financial Services Licence (AFSL) holding firms. We have in excess of 100 clients with an AFSL and understand this segment thoroughly.

Minimum Cover Requirements 

ASICS Regulatory Guide RG 126 provides guidance on the minimum  Policy Requirements for PI insurance cover to hold an AFSL when providing services to retail clients.

Factors affecting PI premiums

Every Insurer has a range of questions it asks of PI policy applicants to suit its own purposes and underwriting appetites.

Factors guiding PI insurance premiums include, but are not limited to:

  • licensee revenue
  • competency and experience of management and advisers
  • level of excess and required limit of indemnity
  • complaints and claims history
  • what is on the approved product list (APL)
  • What types of authority do you have under the AFSL
  • investment allocation
  • amount of Funds under Advice (FUA) or Funds Under Management (FUM)
  • types of advice offered
  • an organisation’s compliance culture, monitoring of staff and representatives.
  • number of advisers and representatives
  • number and type of clients (retail v wholesale)

Everest Risk Group is a Corporate Authorised Representative of Insurance Advisernet, one of Australasia’s biggest General Insurance Brokers. Whilst we can achieve the most competitive pricing given our buying power, we pride ourselves on educating our clients and tailoring the cover appropriately. With our intimate knowledge of the financial services industry, rest assured you are dealing with a specialist who knows your industry and your unique insurance exposures.

Robert Huntley heads the Financial Services Team. Rob has 30 years insurance broking experience and in the past 22 years specialising in the financial services sector.

Contact Robert Huntley – Director: Financial Services / Financial Institutions

02 8880 0652 / 0417 546 052
rhuntley@everestrg.com.au

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