A Professional Indemnity Insurance under the Auspices of FICPI
The Professional Excellence Commission (PEC) is preparing the ground for an transnational professional indemnity insurance, which will be available on a voluntary basis to FICPI members only. PEC is cooperating with a Swiss insurance broker to devise a commercially attractive insurance package.
For the development of such a package, the insurers need reliable data about IP firms worldwide. To provide this information, PEC has worked out an online questionnaire, which is accessible at http://ficpiinsurance.findmind.ch.
The data will be collected strictly anonymously. The FICPI members, particularly from countries in which such insurance is difficult to obtain, e.g., because the number of professionals in a particular country is too small or because the insurance market in that country is not well developed, are urged to participate in this survey. The commercial viability of the package to be worked out by the insurers will depend on the quality of the data of this survey.
By pooling the risk across several countries and over a larger number of professionals, it is hoped that the FICPI insurance will be able to successfully compete with the national insurances that are currently available.