Professional Indemnity Insurance - CIPD

C.I.P.D
Information Pack
Presented by
Frank Glennon Ltd.
Charlemont House
Charlemont Place
Dublin 2
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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.
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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 7-8
5. Premium Details 9-10
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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.
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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.
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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.
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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.
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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.
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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

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 email
Niall Tynan at ntynan@glennons.ie or phone 7075800.
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