What is a PI FCA?

Professional indemnity insurance is liability insurance that covers businesses when a third party claims to have suffered a loss, generally as a result of professional negligence. Why does the FCA require firms to hold PII cover? • It provides an additional financial resource from which firms can pay justified claims.

Are insurance brokers regulated by the FCA?

‘The UK financial services industry is regulated by two bodies, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). Insurance brokers are regulated by the FCA solely.

Do I legally need professional indemnity insurance?

Is professional indemnity insurance required by law? It is not a legal requirement, but most professional institutes and associations require their members to have some form of professional indemnity insurance and regulate this through their rules and regulations.

When should a firms professional indemnity insurer be advised of a complaint?

You must notify your insurer as soon as you become aware of a claim against your firm or circumstances that could lead to a claim. While it is relatively easy to identify when someone is making a claim against your firm, we appreciate that identifying a circumstance is not always easy.

Are ombudsman awards covered under professional indemnity policies?

There must be appropriate cover in respect of legal defence costs. There must be continuous cover. There must be cover for Ombudsman awards made against the firm.

Who regulates insurance companies in Kenya?

the Insurance Regulatory Authority (IRA)
The Insurance Act (Chapter 487) (Insurance Act) is the principal legislation governing insurance and reinsurance business in Kenya. It establishes the Insurance Regulatory Authority (IRA), whose functions include the regulation, supervision and licensing of insurers and reinsurers in Kenya.

Who needs pi?

Accountants, financial consultants, surveyors, engineers and healthcare professionals are all likely to need professional indemnity insurance due to requirements set by their respective industry bodies.

What does professional indemnity insurance cover you for legally?

Professional indemnity insurance covers the policyholder for the costs of legal action made against them in respect of financial loss which occurs due to the negligence, error, or omission in professional advice or services provided by your business.

What is PL and pi?

Professional indemnity insurance (PI) and public liability insurance (PL) are different types of business insurance that cover compensation claims. It is often misunderstood how each of these business insurance policies protect businesses against risk.