Marsh UK Ltd has devised a Scheme arrangement with a panel of Insurers and with the co-operation of the participating Institutions. This ensures a quick response to requests for quotations and queries and produces a flexible underwriting and claims handling approach. Operating a Scheme facilitates the collation of claims statistics, a vital aspect of ongoing Risk Management which, in turn, leads to greater stability in premium levels.

The Marsh UK Ltd Scheme is led by Hiscox Insurance Co Ltd (part of Hiscox plc) a major and experienced Professional Indemnity Underwriter.

Marsh UK Ltd Objectives

Our objectives are to provide members of the Institutions with:

• A Professional Indemnity Scheme placed with an Insurer whose financial security meets the stringent requirements of our Security Committee.
• A comprehensive Policy Wording.
• Stable and competitive premiums, together with an instalment facility.
• Risk Management support in the shape of both claims analysis, and feedback from member's experience.

The existence of this Scheme should:

• Encourage a larger number of members to take out, and be protected by, Professional Indemnity cover.
• Mean that higher levels of insurance protection will continue to enhance the professional standards and reputation of the Institutions with the public.

The Policy Wording

This has been specifically negotiated and has been tailored to meet the needs of the members of the Institutions.

The Policy provides Professional Indemnity insurance for damages and costs arising from claims of negligence made against the Policyholder.

The Policy Wording also incorporates, as part of the standard cover, an Innocent Non-Disclosure clause. This clause means that the Policy cannot be invalidated due to innocent non-disclosure of a material fact or innocent late notification of a claim. This is particularly valuable, as these are probably the two main reasons for Insurers declining to indemnify a Policyholder.

In the unlikely event of a dispute between a Policyholder and the Insurer, there is provision under the Policy to refer the dispute to an Arbitrator, either agreed jointly by the Institutions and the Insurer, or nominated by the President of the relevant Institution.

Premium

The Marsh UK Ltd market leverage has secured keen and competitive rates for members joining the Scheme.

Annual Premiums may be paid by instalments. For details, please contact us on 0131 311 4200.

Local support from Marsh UK Ltd

With offices throughout the UK, Marsh UK Ltd will be able to provide first class local service and claims handling support.

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