Let’s be honest – Professional Indemnity Insurance is rarely anyone’s favourite bill to pay.
With rising costs affecting businesses everywhere, achieving a positive renewal outcome for members was a key focus for AIC VIC this year.
At a time when many professions are experiencing increasing insurance costs, achieving premium reductions is a strong result for Victorian conveyancers and demonstrates the ongoing strength of the AIC VIC scheme.
A Positive Renewal Outcome for Members
After extensive work with Marsh and engagement with the insurance market, I am pleased to share that Vero has agreed to continue supporting the AIC VIC scheme for a further 12 months, with premium reductions achieved across a number of turnover bands.
Some of the key outcomes include:
- Members declaring turnover above $100,000 are expected to benefit from premium reductions under the proposed allocation model.
- Higher-turnover practices are expected to experience some of the largest dollar savings.
- Continued insurer confidence in both the AIC VIC scheme and the Victorian conveyancing profession.
Estimated Premium Savings
By way of example, based on the latest Marsh premium modelling:
*Figures are indicative only and individual premiums will vary based on turnover, level of cover and other underwriting factors.
Recognition of Professional Standards
While the premium savings are certainly welcome, this outcome reflects more than just successful renewal negotiations. It is also recognition of the profession’s ongoing commitment to education, risk management and maintaining high professional standards.
New Scheme Broker from 1 July 2026
Members will also be aware that, following a competitive tender process undertaken by AIC VIC, Marsh has been appointed as scheme broker from 1 July 2026.
We thank Austbrokers Countrywide for their support of Victorian conveyancers over the past 12 years and acknowledge the relationships they have built with many members during that time.
From 1 July 2026, Marsh will assume management of all current claims and claim notifications relating to the Master Policy. Members do not need to take any action, with claims transitioning automatically as part of the broker appointment process.
Importantly, whilst the broker has changed, the insurer remains Vero. Vero continues to underwrite the scheme and retains access to historical policy and claims information. This means there is no impact on existing claims history and continuity of cover is maintained.
Policy & Claims Enquiries
For policy or claims enquiries, Marsh can be contacted at:
On behalf of AIC VIC, thank you for your continued support and for the role you play in maintaining the professionalism and reputation of the Victorian conveyancing profession.
Kind regards,
Shakila Maclean
President
Australian Institute of Conveyancers (Victoria)