Chapter 17 Professional Indemnity Insurance Flashcards
1
Q
After retiring, how long does a member to hold PIII Insurance?
A
At least 6 years
2
Q
What is the required annual minimum limit of PPI per claim?
A
If firms gross fee income is above £400,000 = £1,000,000
If firms gross fee income is Less than £400,000 = 2.5 X Gross fee income (Mininum of £100,000)
3
Q
What is the maximum excess allowed on a PII insurance policy per principle?
A
£30,000
