C.I.P.D Information Pack. Presented by Frank Glennon Ltd. Charlemont House Charlemont Place Dublin 2

Transcription

1 C.I.P.D Information Pack Presented by Frank Glennon Ltd. Charlemont House Charlemont Place Dublin 2 1

2 Information Pack for Proposed Professional Indemnity Insurance for C.I.P.D. members arranged by Frank Glennon Ltd. and underwritten by Hiscox Insurance Co. Ltd. 2

3 Index: Item Page 1. Frank Glennon Ltd. Company Profile 4 2. Hiscox Ltd. Company Profile 5 3. Details of Cover 6 4. Examples of Claims Premium Details

4 Frank Glennon Ltd. Company Profile Frank Glennon Ltd are a wholly owned Irish Independent Brokers/Consultants established over 55 years ago dealing with all classes of Corporate, Personal Lines and Financial Service Insurances. Glennons have an exceptional track record in tailoring effective corporate insurance solutions to suit the specific needs of clients operating in the commercial, construction and industrial sectors throughout Ireland and overseas. Our professional reputation is based on our ability to work with our clients, anticipating their needs and priorities, analysing their problems effectively and creating the most comprehensive and cost-effective insurance programmes. As your Insurance Broker we will continually monitor the competitiveness of the scheme rating levels and cover relative to market trends and will ensure that the Underwriters make appropriate adjustments in order to maintain the competitiveness of the scheme on an ongoing basis or failing this will replace Insurer with a more competitive alternative. In the current climate where rates are falling it is essential that the Group Scheme is pro-actively managed to ensure that the scheme Insurers continue to deliver best value to the membership. Glennon will handle all aspects of the scheme so that there will be no need for you to deploy resources in the management or operation of the scheme. We will ensure that the scheme is promoted to the members and co-ordinate a promotional campaign in conjunction with you. 4

5 Hiscox Insurance Co. Ltd. Company Profile Hiscox is a specialist insurer, underwriting a particular range of personal and commercial risks. We believe that by specialising we can deliver real value to our customers in our chosen areas. We do not deal in "commodity" insurance, but concentrate on insurance where they have expertise. A fundamental criterion in all our underwriting is that who we insure is more important than what we insure. By dealing only with honest and careful customers, we will have fewer claims and be able to quote wider cover with lower premiums, backed by a rapid and fair payment of claims and excellent service. As the U.K.'s leading specialist Insurer, and opening an office in Ireland in 2005, Hiscox has a long history of creating unique insurance solutions to accurately protect the businesses of its policyholders. Hiscox success is founded on an in depth knowledge of the industries they cover enabling us to develop tailored protection to meet their individual risk requirements. As Hiscox understands the specific risks associated with the product, we can offer you precisely the right protection without overcharging you for it Because we specialise in Professional Insurances at Hiscox, we have a dedicated team of claims handlers for Accountants. These skilled professionals have the experience not only to process claims quickly, but also to handle areas of conflict that can cause your business and reputation considerable harm. We pride ourselves on handling sensitive indemnity issues with professionalism and tact. This combination of selectivity and exceptional expertise has over the course of a century, driven us from a single underwriter based at Lloyds into a FTSE 250 company with offices in 8 countries around the world. 5

6 Details of Cover Our Policy has been specifically designed to protect the unique relationship, which a professional advisor has with their client and therefore has several outstanding features, which you would not find under a standard policy. Our Plain English Policy wording includes: Negligence or breach of duty of care Negligent mis-statement or negligent misrepresentation Fidelity - we cover you for your own losses arising from the dishonesty of your employees or contractors. Defamation Breach of confidence or misuse of any information, which is either confidential or subject to statutory restrictions on its use. Infringement of intellectual property rights including copyright, patent, trademark or moral rights or any act of passing -off Broad civil liability cover - if its not excluded it's covered. 6

7 Examples of Claims Now that you've gone to the trouble and expense to obtain cover, how will it work in the worst case scenario? The following are actual real life examples of how our Policy will work for you in the event of a claim. Breach of Contract A small Management Consultancy found itself in dispute with a major client. The initial dispute was not a matter of Professional Indemnity insurance but the client sought to put pressure on the consultant by bringing a damages claim for breach of contract based on negligence. Under the consultant's Professional Indemnity Insurance, hiscox provided and expert team to defend the claim, giving the consultant time to settle the original dispute to their advantage. Professional Negligence Our client acted as an interim finance director for a customer. The customer subsequently sued when their company suffered a downturn. They claimed our client's strategic advice was the cause of their financial difficulties. His Hiscox policy paid the to defend these allegations and protect his professional reputation. Consultants advising on a large restructure found themselves in trouble when their redundancy advice was not completely correct. The tax office found that the redundancies could not be classified as such as the company re-advertised the position shortly after. This meant the company had under-paid their tax. The consultants Hiscox Insurance allowed them to settle the claim amicably. Defamation One of our client's junior members issued a promotional letter naming 15 of their competitors and accusing them of being dishonest. The firm's Hiscox Insurance Policy paid for the defence and settlement of all subsequent claims for libel. Intellectual Property One of our clients developed a computer based training system that he planned to release in the UK and in Europe. The name was registered and he was about to start training his sales force when a colleague discovered a Swedish IT company using the same name. They had not registered it but had been using it widely in Europe. The Hiscox PI policy paid for the product to be re-named and also the subsequent reprinting of the promotional materials. 7

8 Loss of Documents A Consultancy was undertaking a management survey of a large company. For 4 months they had been collecting data. Disaster struck when the computer server that held the data was lost. Unfortunately the back-up server was also corrupted. Their Hiscox policy paid for a computer specialist to investigate the fault and retrieve as much of the data as possible. The Policy also covered the extra time spent recollecting the remaining data. These are only examples. Claims are dealt with on a case by case basis and are subject to the terms and conditions of the policy wording. For full details please read the policy wording or contact Frank Glennon Ltd. 8

9 PREMIUM INDICATIONS We are pleased to offer current C.I.P.D. members the following quotations based on the fee incomes of either 100,000, 200,000, or 500,000 during the period of Insurance and provided that there have been no claims, complaints or notifications made against the member in the last 3 years. Limit of Indemnity* Excess ** Premium Premium inc.levy*** Fee income < 100,000 1,000,000 1, ,000,000 1, Fee income < 200,000 1,000,000 1, ,000,000 1, Fee income < 500,000 1,000,000 1, ,000,000 1, *Limit Indemnity: **Excess: ***Government Levy: The Limit of Indemnity is on an Any One Claim basis with cost and expenses in Addition. The policyholder will pay the 1,300 excess on the event of each and every claim. A 2% Government Levy applies to all premium indications 9

10 Benefits/Subjectivities Proposal Form: All policies are subject to a satisfactory completed proposal form being accepted by the underwriters and payment of the premium in advance. Continuous Policy: All policies issued on our continuous policy, which means fixed rates, no renewal proposal forms and greatly reduced administration, provided that the following criteria are met: 1. The Fee income does not increase by more than 50% from its inception date. 2. There have been no claims, complaints or notifications made against the insured. 3. The business description remains completely unaltered since last advised. Flexibility: Quotations are available for clients who require a larger Limit of Indemnity or have a fee income exceeding 100,000. A more detailed proposal form must be completed in this event. Please note that the above is subject to policy terms & conditions OBTAINING QUOTATIONS In order to obtain a proposal form or if you have any further queries please Niall Tynan at ntynan@glennons.ie or phone