WA SURVEY CONFERENCE 16 MAY 2013 TECHNOLOGY PARK FUNCTION CENTRE BENTLEY

1. WA SURVEY CONFERENCE 16 MAY 2013 TECHNOLOGY PARK FUNCTION CENTRE BENTLEY A BRIEF INTRODUCTION TO ACSIS OUR INSURANCE BROKER INDEMNITY CORPORATION AND SOME INSURANCE FACTS IAN MARLER SHARYN ATTENBOROUGH

2. ABOUT ACSIS AND WHO OWNS IT ACSIS was originally known as Australian consulting Surveyors Insurance Society but some time back we abbreviated our name to simply ACSIS. ACSIS has been in existence for over 25 years and is wholly owned by its members, who are consulting survey and spatial firms. ACSIS facilitates PI and other Professional Indemnity and a range of other insurances for members and has a strong commitment to practical risk management.

3. ABOUT INDEMNITY CORPORATION Indemnity corporation is a Financial Services regulated Insurance broking firm specialising in professional indemnity. We have been brokers to ACSIS and its members for over 14 years and manage the insurance purchases and claims management of the ACSIS members.

4. WHY DO SURVEYORS NEED PI INSURANCE? Well in some states PI is compulsory for consulting surveyors however in any event it is a business management essential. PI is often seen as a grudge purchase but in reality provides protection for a firm, its employees and directors assets.

5. WHY DO SURVEYORS OFTEN WANT TO BUY THE CHEAPEST INSURANCE? Surveyors at times fall into the trap of buying on price alone which in almost every case leads to an inferior policy often providing only basic protection. Not all policies are equal and there is a lot more to insurance than the price, as anyone who has lived through the nightmare of a Professional Indemnity claim can attest.

6. ‘ACSIS PLUS’ – WHAT’S IT ALL ABOUT? ACSIS Plus is a service to members included when they purchase their Professional Indemnity insurance through ACSIS. It offers advice and assistance in the areas of Legal advice and client contract management, Accounting, Financial, IT, Debt recovery plus there is a comprehensive library of HR documents and purchasing benefits for members and their staff.

7. IF THERE IS A CLAIM AGAINST AN ACSIS MEMBER FIRM HOW IS IT HANDLED? A claim notification is initially lodged with Indemnity Corporation. This in turn is passed on to the insurers, their legal representative and the ACSIS claim investigation panel. Depending upon the nature and severity of the claim this will then influence how it is managed from here. In all cases the ACSIS member is contacted by Kevin Gibbons of Indemnity Legal and by Peter Friedmann of ACSIS.

8. DO SURVEYORS NEED COVER FOR CLAIMS UNDER TRADE PRACTICES LEGLISLATION? Most definitely as this provides cover for false and deceptive conduct and this is also in addition to cover for both civil liability and most importantly breach of contract, which is excluded in most other policies. A good PI policy should cover all 3 aspects of a potential claim.

9. WHAT IS MEANT BY COST INCLUSIVE OR COST EXCLUSIVE EXCESS? Most non ACSIS policies are cost inclusive meaning that an insured's excess is used to pay for legal defence costs. In the case of ACSIS policies the majority are cost exclusive meaning that an insured's excess is only used if a cash settlement is involved in finalising the claim.

10. HOW ARE PREMIUMS CALCULATED AND WHAT LEVEL OF COVER DO SURVEYORS NEED? Premiums are essentially based on gross fees, which reflect a firm's size, claims experience, the level of coverage required (limit of indemnity) and the type of work that the practice is involved in and there can also be other factors that insurers may consider. The level of cover can be influenced by such things as the type of work undertaken, client requirements and the desire to "sleep well at night".

11. A LITTLE ABOUT RUNOFF COVER Runoff cover is a unique form of protection for retired surveyors, it protects a practice when they cease to trade for claims that occur in the future that relate to past projects. It cannot be purchased in its own right but must be obtained by converting an existing policy to runoff. In the case of ACSIS members runoff cover can be provided at a highly subsidised rate subject to meeting certain conditions.