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| Having originally been established as a specialist ‘intermediary only’ Professional Indemnity Underwriting Agency nearly 8 years ago, the vast majority of Saturn’s £20m annual premium income continues to be generated from this class of business. |
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We are able to quote for most professions and have a wide range of policy wordings designed to meet the individual needs of our clients’ businesses, with cover ranging from ‘Errors & Omissions’ through to full Civil Liability.
Whilst Professional Indemnity Insurance is not compulsory for most businesses, it is nonetheless an essential purchase for any individual, company or partnership that provides advice or a service for a fee, particularly given the increasingly litigious society in which we live.
Several professional bodies such as the ICA, ARB, RIBA and RICS have recognised this fact and as a result, it is mandatory for their members to effect Professional Indemnity Insurance with an approved insurer/underwriting agency and with policy cover which complies with certain minimum requirements. We write a significant book of business derived from these ‘traditional’ professions. However, our account also includes many unusual, or as they are more commonly known, ‘Miscellaneous’ risks.
Whatever the profession, cover is effectively a legal liability insurance policy that will indemnify the individual, company or partnership against claims made against them by a third party for negligent acts, errors or omissions occurring in the course of the business, which result in the claimant suffering (and being able to demonstrate) a financial loss. (See Examples of Professional Indemnity Claims)
Cover is provided up to a monetary limit for any one claim, the amount being agreed when the policy is taken out (although it can normally be increased during the policy term or at renewal with our consent and for an additional premium). This is known as the Limit of Indemnity. The limit that is right for you will depend on your individual circumstances and any mandatory requirements which are imposed on you by a professional body. If you are in doubt, you should speak to your broker for guidance. Saturn have the capacity to provide limits of indemnity of up to £5m on any one risk, either on a Primary or Excess Layer basis, so whatever your requirements we can probably help.
Policy cover will also extend to include any investigation and other legal costs which arise in the defence of the claim against you. Under Saturn policies, any such sums are normally payable in addition to the Limit of indemnity provided. This is not necessarily the case for policies issued by our competitors.
The extent of the cover provided will, as a minimum, normally include: |
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 | Negligent acts
| | Negligent error
| | Negligent omission
| | Dishonesty of employees
| | Libel & Slander
| | Breach of Copyright
| | Breach of Confidentiality
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However, cover can vary from policy to policy and insurer to insurer and so it is important to ensure that you have the cover that is right for you. Our policy wordings are some of the widest available and additionally include amongst other things cover for Loss of Documents, Compensation for Court Attendance, Pollution and lots, lots more. In what we believe to be an industry first, most policyholders also receive Legal Expenses Insurance at no additional premium when taking out their Professional Indemnity cover with Saturn.
We can also offer optional Employers & Public Liability cover as an extension to many of our policies for a small additional premium.
We are extremely keen to help new start-up practices get themselves established and to this end can often offer a 15 month first period of insurance for the price of 12!
As with all insurance policies, certain terms, conditions and exceptions will apply and you will also normally be expected to contribute towards each claim (known as an ‘excess’). It is important that you appreciate how these factors may affect you. Your broker will be able to give you guidance on this.
Professional Indemnity is different to most other insurances in that it operates on what is known as a ‘claims made basis’, meaning that the policy will only provide cover for claims or circumstances discovered and notified to the Insurer during the period of insurance, rather than errors or mistakes occurring during the period of insurance.
Professional Indemnity policies generally contain a Retroactive Date, which is normally the date that the policyholder first effects cover. Claims or circumstances arising from work carried out before this date are not covered, irrespective of when discovered and/or notified…..it would be inequitable to expect an insurer to pay for claims arising from work undertaken many years previously and for which no insurance was arranged at that time. However, through Saturn you will normally be able to ‘buy-back’ cover for earlier work for a single, one-off additional premium. The Retroactive Date itself will move with the policyholder from one insurer to another, thus ensuring continuity of cover. |
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| So why should you choose Saturn? |
| We are a well-established and committed long-term player in a market which has seen the demise and/or exit of many of our competitors over the past 10 years. As a wholly owned subsidiary of Royal & Sun Alliance Insurance plc, our PI policies are backed by a highly regarded company. |
| Attractive, competitive premiums and commissions, with the option of monthly payment via our Premium Credit Instalment facility. |
| Dealing with Saturn means you have direct access to knowledgeable, experienced, innovative and decision-making staff. |
| Unrivalled policy coverage |
| The wide cover provided by our policies will ensure that the business has the protection which it needs, including where appropriate compliance with the requirements of professional bodies such as the ICA, ARB, RIBA and RICS, as well as Legal Expenses Insurance at no additional premium. |
| Service has always been the foundation stone upon which the success of our business has been built. As we have full delegated underwriting authority, this starts with our ability to provide quotations to meet the tightest of deadlines. |
| No need for excess layers |
| With our ability to provide limits of indemnity of up to £5m on any one risk, we have the capacity available to meet your needs. |
| So don’t delay, complete your proposal form now for a no obligation quotation. |
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