1. Why has the PI insurer changed?
The change reflects the outcome of the most recent insurance review and procurement process. The aim is to ensure members continue to have access to appropriate cover, competitive premiums, and policy terms that meet regulatory and professional requirements.
2. Why can’t I arrange PI Insurance with my own insurer?
Under the current Ministerial Order applicable to Victorian Conveyancers, AIC VIC members are required to hold Professional Indemnity insurance that complies with the prescribed scheme. This means cover must be arranged through the approved insurer to ensure consistency with the mandated minimum terms and conditions, that comply with licensing obligations.
3. Do I need to take any action immediately?
Members should review all communications carefully and ensure they understand the new policy terms, limits, excess, and any changes to notification requirements. If renewal or onboarding steps are required, these must be completed by the specified deadline.
4. Will my level of cover change under the new insurer?
Core coverage is intended to meet the minimum requirements for Victorian conveyancers; however, members must review the policy wording to confirm limits, sub-limits, exclusions, and excess amounts that apply to their practice.
5. What happens to claims or notifications made under the previous insurer?
Claims and circumstances notified to the previous insurer will generally remain with that insurer. Members should keep copies of all prior notifications and continue to correspond with the relevant insurer handling the matter.
6. Do I need to re-notify known circumstances to the new insurer?
Possibly. Members must disclose any known claims or circumstances when completing proposal forms or declarations. Failure to disclose material information may prejudice cover.
7. Will my premium change?
Premiums may vary depending on the insurer’s underwriting approach, your practice profile, claims history, and market conditions. Members should review their individual quotation carefully.
8. Are there any premium discounts available for risk management practices?
The insurer may offer premium incentives where members complete the required risk management education during the renewal period. It is not an automatic discount each year and eligibility is assessed at each renewal. Members must continue to maintain, and where required, demonstrate that their risk management practices meet the insurer’s current criteria.
9. Are there any changes to policy conditions I should be aware of?
Members should pay close attention to:
- Retroactive date
- Run-off provisions
- Excess structure
- Cyber or fraud exclusions
- Notification timeframes
- Any new conditions relating to AML/CTF compliance
10. What is the retroactive date and why is it important?
The retroactive date determines how far back your cover applies for past work. Members must ensure continuity of cover so there is no gap between the prior and new policy.
11. What support is available to help members understand the new policy?
AIC VIC will provide guidance materials and may host briefings or webinars.
12. Will run-off cover be affected?
Members who are retiring, selling, or ceasing practice should confirm run-off arrangements directly with the insurer or broker to ensure ongoing protection for past work.
13. Who do I contact if I have questions about my policy?
For policy-specific questions, contact the nominated broker or insurer listed in your renewal documents. For general member guidance, AIC VIC can provide procedural support.
14. Will I still be able to pay my premium by instalments?
Options for premium payments, including instalment arrangements, are expected to continue under the new scheme. Full details of available payment options and any applicable terms will be provided as part of the renewal information.
15. Will I still be entitled to up to two hours free legal advice from the ‘Legal Adviser’ under the Policy?
Member benefits available under the Professional Indemnity Insurance Policy, including access to the Legal Adviser are expected to continue under the new scheme. Full details of policy benefits and any applicable terms will be provided to members as part of the renewal information.