Professional Indemnity FAQs
Here you'll find the most commonly asked questions about our e-traded Professional Indemnity cover
|Legal Expenses||£100,000 (Free)|
|BI||£1 million or ICOW £500k|
|D&O, CLL and EPL||£2 million|
|RSA Online||Maximum Turnover|
|Surveyor / Property Professional||£1,500,000|
|General Consultant / Business Service||£2,000,000|
|Media / Technology Consultant||£2,500,000|
While we are able to consider many risks/trades, the following is a sample of trades that are outside of RSA Strategy and risk appetite - please note this list is not exhaustive and there may be other occupations beyond those listed below:
- Design and Construct risks (manufacturing, installation, maintenance, etc)
- Tax specialists
- Insurance Intermediaries
- Will Writers
- Mortgage and Finance Brokers
- Asbestos Contractors
- Pension Fund Trustees
- Financial Institutions
- Our e-trade appetite is limited to Private Limited companies, Partnerships, LLPs and Sole Traders
- We are unable to accommodate PLCs, charities, clubs and associations using RSA Online
- Our appetite is to write UK-based risks with UK exposure. However, we are also able to consider UK-based risks where there is also an element of overseas exposure, on a case-by-case basis
- As a rule of thumb, for risks with >£100k overall income, we can consider up to 30% overseas exposure (subject to underwriter review and trade). Anything outside of these parameters would be outside of appetite on RSA Online
- Likewise, we would be unable to write any risks where the client has a legal entity or branch outside of the UK, or is subject to the payment of non-UK taxes
- We have carefully reviewed our PI offering and while we are able to consider many risks/ trades, we have certain restrictions – Design and Construct and independent financial advisers, for example, are outside of our appetite and set to automatically decline, we will not override this.
- Professional Indemnity insurance is written on a claims-made basis and therefore provides cover for current and past activities, provided they are reported within the Period of Insurance.
- For this reason, we rate on the achieved exposure from the last complete year (rather than estimates)
- If this is a new entity with no previous income, then we can use estimates - this would need to be updated at the subsequent renewal, in line with the client’s duty to make a fair presentation of the risk
- Please note that cover is provided on an annual basis, we are unable to cover individual contracts
- Each client has a duty to make a fair presentation of the risks to be insured under the Professional Indemnity Policy.
A fair presentation of the risk:
i). Discloses to the Insurer every material circumstance, that the Insured knows or ought to know: or gives the Insurer sufficient information to put the Insurer on notice that it will need to make further enquiries for the purpose of revealing those material circumstances.
ii). Makes that disclosure referred to above in a manner that is reasonably clear and accessible to the Insurer.
iii). Ensures every material representation as to a matter of fact is substantially correct, and every material representation as to a matter of expectation or belief is made in good faith.
- A material circumstance is one that would influence the Insurer's decision as to whether or not to agree to insure the Insured and, if so, the terms of that insurance. If the Insured is in any doubt as to whether a circumstance is material, they should disclose it to the Insurer.
- In a nutshell, if there have been any material changes to the risk in the past 12 months then this would need to be declared using RSA Online. This can include things like new work or activities undertaken; any changes in ownership; if the policyholder has become aware of any claims or circumstances; fluctuations in income, etc.
It is possible to add entities or process name changes using RSA Online. However, there are a few key points to keep in mind:
i). We would only consider amendments where there has been no change in ownership or directors. A change in ownership may require a new policy.
ii). If any new activities are to be covered under the policy, then this would need to be declared using the Activities page on RSA Online.
iii). The fees declared would need to represent all entities to be covered under the policy.
Where the Insured makes use of subcontractors and/or requests that subcontractors are covered under the Insured’s PI policy – our underwriters would need to understand the following:
- What work do the subcontractors undertake
- The income generated by the subcontractors
- Subcontractors' experience in the field
- What measures are in place to manage/review subcontractors’ work
In view of the long-tail exposure of certain professional trades, it may be necessary to maintain run-off cover for past liabilities
We would need to know the date that the Insured ceased trading and the income for the last complete year – from here we would review and apply the relevant run-off endorsement
Please note, we are only able to provide run-off on an annually renewable basis and for held risks
If you or a colleague would like to register for RSA Online please provide the following details to firstname.lastname@example.org:
- Brokerage name and full postal address
- RSA Agency number (Agency No format AANNNN)
- User’s name
- Email address
- Email address of a colleague with current access to the account (if applicable)
- FCA Number
Visit this page if you require access to Claims Online or MID phase II.
If a transaction refers via RSA Online (new business, renewal or mid-term adjustment), then an underwriter will undertake a review. From here we may require some additional information, so it’s important to provide clear and thorough responses, to ensure a seamless transactional journey.
We are able to quote up to 42 days in advance of policy inception.
In exceptional circumstances, we may be able to consider backdating cover subject to a full explanation of the circumstances. This will be reviewed by an underwriter and subject to confirmation that there are no known claims or circumstances.
- Yes - if you require the policy to be cancelled, please raise a referral using RSA Online and a member of the team will process this for you
- We may be able to provide a pro-rata return premium, subject to Underwriter review and claims history
If the RSA Online system or one of our underwriters has applied an endorsement, then this will form part of RSA’s minimum terms for the risk in question and we would not look to amend terms.
Yes – we are able to facilitate the premium payment on a monthly/direct debit basis, using Premium Credit (subject to a credit charge). This option will be presented at the quotation output stage.
By choosing RSA’s Professional Indemnity offering, your client will enjoy the following benefits:
- The peace of mind associated with a leading commercial brand
- Extensive Professional Indemnity insurance expertise and capability
- Access to dedicated Professional Indemnity claims professionals, on hand to help when needed the most
- Access to dedicated legal and assistance helplines
Our standard Policy Wordings provide cover on a Civil Liability basis (including liability for claimant’s costs and expenses) incurred in connection with the conduct of professional business, which includes:
- Breach of professional duty
- Liability for dishonest acts
- Libel and slander liability for damage to documents
- Infringement of intellectual property rights
- Adjudication and arbitration awards
- Other types of civil liability, such as contractual liability, unless specifically excluded
Our relevant policy wordings are compliant with various professional bodies, including:
i). RICS - Royal Institute of Chartered Surveyors
ii). ICAEW - Institute of Chartered Accountants in England & Wales
iii). ACCA - Association of Chartered Certified Accountants