Dear Members,
The AIC VIC Board is pleased to share important news regarding the Association’s Professional Indemnity (PI) Insurance Scheme.
Following an extensive and transparent tender and due diligence process conducted over several months, we are pleased to announce that Marsh has been appointed as the new broker for the AIC VIC Professional Indemnity Insurance Scheme, effective from 1 July 2026.
This review was not undertaken because something was broken, but rather reflects AIC VIC’s commitment to strong governance, continuous improvement and responding to member feedback. Over the past year, we have listened carefully to members’ experiences regarding premiums, renewals, communication and support, and it was clear there was an opportunity to enhance the scheme for the benefit of the profession.
As members are aware, under the Ministerial Order, AIC VIC is required to arrange and manage a master Professional Indemnity Insurance policy for all Licensed Conveyancers in Victoria. Participation in this scheme is mandatory, and it provides critical protection, including $2 million in cover for claims arising from errors, omissions or negligence in property transactions. As a collective, statutory scheme, its performance impacts the entire profession, making strong governance and proactive risk management essential.
Following a comprehensive market assessment, Marsh was selected based on:
- Strength and reputation in the professional indemnity market
- Specialist risk advisory and cyber risk expertise
- Ability to advocate strongly on behalf of conveyancers
- Proven experience supporting professional associations and member-based schemes
- A long-term, sustainable approach to scheme management
Marsh has a strong track record, including supporting conveyancers in Western Australia, and we look forward to them bringing this experience and market insight to the Victorian conveyancing profession.
A positive step for members
This change is focused on strengthening and modernising the scheme. Key benefits are expected to include:
- Enhanced member support and communication throughout the renewal process
- Improved risk management resources, particularly in cyber risk and professional practice exposure
- A more streamlined and user-friendly renewal experience
- A broker with the capability to advocate for a stable, competitive and sustainable scheme
We recognise the critical role Professional Indemnity Insurance plays in enabling conveyancers to practise with confidence, and we remain acutely aware of the pressures rising insurance costs place on small businesses and sole operators. AIC VIC will continue working closely with Marsh to advocate strongly on behalf of members.
We also take this opportunity to sincerely thank Austbrokers Countrywide for over 12 years of dedicated service and support to the Victorian conveyancing profession. Their contribution to the scheme and to members has been greatly valued.
Transition arrangements
Members with renewal dates prior to 1 July 2026 should continue to contact Austbrokers Countrywide for their insurance and renewal requirements.
Further information regarding the transition, renewal process, and guidance on matters such as claims notifications will be provided in the coming weeks. We will work closely with Marsh to ensure a smooth and well-supported transition for all members.
This is a positive step forward for the profession, and we look forward to continuing to work with members to ensure the scheme remains strong, sustainable and responsive into the future.