Australian Institute of Project Management


Professional Indemnity Insurance
AIPM’s knowledge of the duties of a Project Manager and understanding of where the claims might arise, allows us to deliver a comprehensive product that is competitively priced and is a product tailored to meet the specific requirements of our members.
 
We aim to provide a competitive tiered premium structure that:
  • further rewards members achieving RegPM and PMO accreditations; 
  • enables members to further select additional discounts dependant on their risk profile;
  • provides an efficient and cost effective delivery system to participating members that reduces administration time;
  • improves by education the Underwriters’ understanding of the role of a project management professional;
  • determines and recommends appropriate Underwriting partners that share our long term commitment to this facility;
  • provides preferential claims management and advice;
  • provides a contract review service, an ever increasingly important benefit in today’s litigious society; and
  • develops other facilities in response to the requirements of AIPM membership.
Quick Quote system
 
The Quick Quote system is a Professional Indemnity quoting system that allows us to provide a large number of AIPM members with an indication only of costing for their Professional Indemnity Insurance within 24 business hours without the need to fill out a full proposal. Click here if you would like to request a Quick Quote:
 
 
or
 
Frequently asked questions:
 
Underwriters, Perrymans General Insurance Brokers Pty Ltd
 
Perrymans General Insurance Brokers Pty Ltd have had a longstanding association with Project Managers and with AIPM. Perrymans Pty Ltd understand the duties of the professional Project Manager across a variety of industries.
 
The profession has suffered greatly from an identity crisis at the hands of the insurance industry as in the past many builders called themselves Project Managers (where in reality they were still only builders). Over the years, so called Project Managers (i.e. builders) were subject to a barrage of claims, the remnants of which are still well remembered in today’s insurance market.
 
Many insurers still classify anyone who calls themselves a Project Manager (irrespective of what they actually do) in one rating category without differentiating between the professional Project Manager and others, e.g. builders.
 
We have spent significant time over the years educating the insurance market about the role of a professional Project Manager. By doing so have isolated the project management profession from its “builder reputation”.
 
As a result AIPM members can enjoy better rates and better coverage.
 
Policy working specifically tailored for Project Managers
 
There are a number of underwriters that write Professional Indemnity business, however it is a concern that a number of the policy wordings offered to Project Managers actually exclude the very areas where claims are arising.
 
The promotion of such wordings for the project management industry show both the broker and the underwriter do not understand what a Project Manager does.
 
Perrymans General Insurance Brokers has developed a specific wording for the project management industry in order to address the very areas where claims are arising.
 
A specific proposal developed for Project Managers
 
Perrymans General Insurance Brokers Pty Ltd has already developed a specific proposal for Project Managers, but will further address this in consultation with both, AIPM members and the underwriting markets.
 
Simplified administration and renewal procedures
 
The administration of professional indemnity often takes a considerable amount of time and resources within any practice.
 
Whilst we cannot get around the completion of a proposal in full in the first instance, in subsequent years Perrymans General Insurance Brokers Pty Ltd propose a short form declaration. Alternatively we will capture previous proposals electronically to ensure only that only certain areas will require updating.
 
Tiered premium discounts
 
We propose a range of discounts for members such as:
  • AIPM Membership (Facility) Discount
  • AIPM RegPM and PMO (Competency Discount)
  • Turnover Discount
  • Quality (Claims) Discount
  • Excess Discount
  • Large Sum Insured Discount
  • Discounts for Options such as:  
    - Cost Inclusive Limits
    - Cost Inclusive Excesses
    - One Automatic Reinstatement.
Dedicated resources
 
Both the Underwriter and our staff are committed to providing the appropriate resources to ensure the success of this facility.
Preferential claims services / contract review service
 
Part of our negotiations with the successful underwriting partner will include preferential claims assistance and a service that reviews contractual arrangements that you are required to enter into (insurance related). This service is currently under development.
 
Periodical payment options
 
Members will have the ability to premium fund payments instead of one lump sum payment.

Frequently asked questions about the Quick Quote System

What is the AIPM Member Professional Indemnity Quick Quote System?

The Quick Quote system is a Professional Indemnity quoting system that allows us to provide a large number of AIPM members with an indication only of costing for their Professional Indemnity Insurance within 24 business hours without the need to fill out a full proposal.

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What Do I Need to Do To Get My Indicative Quote?

You need to complete the relevant Risk Information Questionnaire Form . You can do this by one of the following methods :-

  • By Fax ,please print and complete the form and fax to 08 8362 3131
  • By Phone , call us on 08 8362 7127 and we will forward the Risk Information Questionnaire by email, fax or post . Make sure you tell us which industry you work in (See “Which Form Do I Complete?”)
  • By Email , forward a quote request to insurance@aipm.com.au and we will email you the relevant form. Make sure you tell us which industry you work in (See “Which Form Do I Complete?”)

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Which Form Do I Complete?

If you undertake work in the areas of Business Services (excluding IT) and Construction please complete the Business Services/ Construction Risk Information Questionnaire

 

If you are involved in the Information Technology please complete the IT Risk Information Questionnaire.

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When Should I Complete the Form?

You can complete and send the form at anytime. Even if your policy is not due for renewal , we suggest you complete the form now so that we can provide your quick quote and log your details and contact you prior to your renewal.

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Who Is Eligible For A Quick Quote?

The quick quote system is open to all AIPM Members and generally applies to SME type business up to $4 Million in professional fees (Eligible Business).

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What If My Fees Are In Excess of $X Million?

If you fees are higher , still complete the relevant information and we will discuss with the underwriters to see if we are able to get an indication . If not we will contact you to gather further information.

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How Long Before I Get My Indicative Quotation?

For Eligible Business , we will return your indicative quotation within 24 business hours . This is for businesses that do not undertake any work in the “Higher Risk Categories” or have not notified of any “Claims / Claims Circumstances”.

 

In the event that you undertake work in the “Higher Risk Categories” or have notified of any “Claims / Claims Circumstances” we may need to refer this to our underwriters / obtain further information.

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What Quotations Will I Receive?

If you are involved in the Business Services/ Construction you will receive indicative quotations for Professional Indemnity Only for Limits of $1,000,000 , $2,000,000 and $5,000,000.

 

If you are involved in Information Technology (particularly if it involves purchase, installation , integration modification of software / hardware) then you will receive quotations for limits of Professional Indemnity / Public & Products Liability of $1,000,000 / $5,000,000 , $2,000,000 / $5,000,000 and $5,000,000 / $10,000,000.

 

If you require other limits please advise (noting that this may take longer than 24 hours.

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Will My Quote Be Guaranteed?

Quotations cannot be guaranteed until we receive a full proposal and the information therein has been accepted by the underwriter. We will however in all instances aim to achieve the same terms as our indication.

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 How Do I Effect Cover?

Once you are happy with the terms of our quick quote, we will then require a fully completed proposal. Once accepted by the underwriter we will confirm your terms to you and seek your approval to effect cover.

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