Actuaries and pension consultants
Why do you need professional indemnity insurance
Any professional providing specialist advice is at risk of being held to account for financial loss to a client because of negligent advice given. For consulting actuaries, pension consultants, and pension administrators, having professional indemnity insurance (PII) in place is essential to protect the business and reassure clients.
Actuarial consultant professional indemnity insurance is a necessity for actuarial firms and contracted actuaries licenced under the Institute and Faculty of Actuaries (IFoA). They must comply with the rules set out in the handbook for Designated Professional Body Firms, and Licensed Authorised Professional Firms, which states having PII is a requirement.
Pension consultants professional indemnity insurance is a mandatory requirement to cover costs incurred defending a claim should this situation arise. PII cover will also provide protection should a business be liable for any compensation payable to the client.
At Marsh Commercial, we also offer risk management advice to help mitigate the day-to-day risks actuary consultants and pension consultants face, whilst our dedicated in-house claims team will guide you through the claims process step by step, helping to get the right resolution.
What can it do for you?
Marsh Commercial specialist PII fully complies with all requirements set out by the IFoA and the Financial Conduct Authority.
Our scheme for actuaries and pension consultants offers competitive premiums, real value, and benefits including
- Automatic renewal facility (subject to criteria).
- Capped excess.
- Free tax advice helpline for you and on behalf of your clients.
- Interest-free instalment facility.
- Dedicated claims team.
- Free 24-hour legal and counselling advice helplines for all partners.