Profsave works on a trigger basis, meaning as long as the underlying PI policy responds to a claim, IBG will pay the excess as stated on the IBG schedule which the FSP would have selected on inception, as long as the claim falls within your excess and does not exceed the amount stated on the schedule. Legal fees are excluded in respect of any claim. An inner excess of 15% will apply in respect of any claim admitted by IBG that falls within your excess.
Our minimum limit of indemnity is based on an excess of R 10 000 and we provide cover up to a maximum of R350 000. We provide cover for Individual FSPs (up to 20 representatives) and for groups (of more than 20 representatives).
PI policy premiums are generally based on your sum insured and commission or fee income; our rates are not income rated but fall purely within your sum insured bands. The rates are calculated on a per representative basis.