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Actuaries professional indemnity insurance

Actuary Professional Indemnity Insurance

Actuary Professional Indemnity Insurance is available from Hensure Business Insurance and fully complies with all the requirements necessary as stipulated by the Institute of Actuaries.

As an Actuary you owe a duty of care to your clients, whether as a result of a direct contractual relationship or indirectly through your employers. A duty of care includes working to appropriate professional standards at all time.

It is the professional responsibility of all Actuaries to consider the potential for clients to suffer loss as a result of any breach of their duty of care and to ensure that appropriate arrangements are maintained, firstly to minimise a breach of their duty of care and, secondly, to provide compensation for loss in the event of any breach.

Actuary Professional Indemnity Insurance (PII) is likely to be appropriate where the link between the Actuary and the client is a direct one or an Actuary has a private practice. In certain circumstances, Professional Indemnity Insurance, may be mandatory and may also be stipulated as a contractual requirement by the client.

Professional Indemnity Insurance provides an indemnity to individuals and/or firms insured in the event of their incurring a civil liability to pay damages, for example, as a result of negligence or wrongful acts.

As Actuarial skills are in great demand throughout the financial sector, particularly in investment, insurance, pensions and increasingly risk management for large companies Professional Indemnity Insurance is something that all firms should have.

Actuary Professional Indemnity Insurance Underwriting considerations

Size of practice – One of the major factors that determine insurers’ rating and underwriting criteria is the size of the practice. This is mainly established in two ways, the number of partners / principals and staff and the gross annual income of the firm.

Qualifications and experience – Underwriters will often want to see a CV normally demonstrating a number of years experience and that the Actuary is suitable qualified.

Type of work – Insurers will be particularly interested in what type of work the actuary is carrying out. As a general rule the profession is seen as a high risk activity by underwriters, but by splitting out the turnover in to a number of areas of practice then underwriters can get a real feel for the likely exposure and rate the risk accordingly.

Overseas exposure – Careful consideration would be paid to such work carried out for USA/Canadian firms.

Retroactive exposure – Does the practice have an exposure to claims arising from past work, whether in the current firm or a former practice?

Claims experience – The claims experience is an important determining factor in the assessment of risk. This information usually reflects the type of work carried out by a practice. It also reflects the quality of the practice’s work, staff, internal risk management and experience

A typical policy for Actuary Professional Indemnity Insurance will include the following cover;

  • Breach of civil liability
  • Negligent act error or omission
  • Unintentional intellectual property rights infringement (other than patents
  • Unintentional breach of confidentiality
  • Unintentional defamation
  • Loss of third party documents or data
  • Computer virus transmission
  • Negligence of sub-contractors
  • Irrecoverable fees
  • Bodily injury or property damage arising from breach of professional duty
  • Defence costs
  • Court attendance costs

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