FBAA Message: Your Professional Indemnity (PI) Cover
Financial Abuse Declarations and you Professional Indemnity (PI) Cover
Further to my communication last week on the progress we've made with the ABA on the declarations and training obligations on brokers, it is important to ensure you understand how your Professional Indemnity Insurance acts in relation to this as well.
I have confirmed with our PI Suppliers being Insurance Advisernet Australia (IAA), that they have secured written confirmation from their insurer (Allianz Australia Insurance Ltd) that these new proposed 'confirmations' fall within the accepted definition of the role of a Finance/Mortgage Broker in arranging a loan.
As such claims arising within this area are covered by the policy, subject of course to the usual policy terms & conditions.
NOTE: For those members NOT insured via IAA you will need to urgently contact your insurance broker or insurer to get clarification on this issue before signing any required declarations to this effect.
Kind Regards, Pete
Peter J White AM