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Pi Presentation 2010
- 3. MYTH 1 The client’s lawyer says that the PI cover will make good any client loss. The adviser is fine then?
- 5. MYTH 2 Only defence costs are covered by your PI policy.
- 7. MYTH 3 Your best to deal with the unhappy client a.s.a.p. and don’t involve the PI insurer.
- 9. MYTH 4 It’s only a claim when they sue or lodge a formal complaint with a tribunal or professional body.
- 11. MYTH 5 If you don’t do investment work there’s no need for PI cover.
- 13. MYTH 6 A members scheme for PI cover with a cap has no effect on an individual member.
- 15. MYTH 7 If all you do is investment advice and your insurer knows that is all you do, you are covered for it.
- 17. MYTH 8 You are covered for anything if it is not you, but your staff, who are negligent.
- 19. MYTH 9 You can actually get covered for investment advice…..
- 21. MYTH 10 Being well qualified and having good business practice makes you a lower PI risk, and gets you a better price for cover.
- 23. MYTH 11 There are no issues if you retire. Your previous PI policies cover the time when you were giving advice.
- 25. MYTH 12 The average claim cost is so low that it is best to self insure.