API ValCover understands Members’ needs and provides tailored insurance solutions.
API ValCover offers Professional Indemnity insurance that is APIV Capping Scheme compliant for indemnity limits ranging from $1 million to $10 million. $500,000 legal costs are provided in addition to the limit selected. Quick turnaround in quoting is a feature of the facility. In most instances quotes will be provided on the same day. Where referrals are triggered, terms will be submitted no later than 2 working days following the receipt of a completed application.
Features of API ValCover:
- Offered by API for the sole benefits for its Members.
- Unlimited retroactive cover or as agreed.
- A nil excess applies for all legal costs incurred where Woodina Law Services are used.
- Loyalty discounts will be provided after 3 and 5 years continuous coverage through API ValCover/Woodina.
- Run-off cover is available (subject to conditions)
- Competitive premiums and excesses.
- APIV Liability Capping Scheme compliant.
- Unrivalled claims handling and advocacy through Woodina Law.
- Access to free claims advice.
- Additional policy extensions provided based on the industry needs, including Public Liability.
- Two (2) reinstatements included for your chosen limit.
- Option of selecting five (5) reinstatements at a minimal premium loading.
This insurance is administered by JLT who act as the programme manager for API ValCover backed by Lloyds of London via a highly respected underwriting agency Woodina Underwriting.
This policy is written on a ‘Claims Made’ basis. This means that the policy provides (subject to its terms and conditions) cover for claims that are made against you and notified to the insurer during the period of cover, irrespective of the date when the cause of action may have occurred (subject to retroactive date agreed).
Whilst API ValCover’s key focus is Professional Indemnity all Members’ insurance needs will be accommodated through this facility which may necessitate the use of other insurers for certain classes of insurance.
When it’s time to renew your Professional Indemnity insurance policy contact API ValCover for an obligation free quote.