A dedicated qualification for professional indemnity practitioners is set to be expanded after a successful first round of examinations.
The International Underwriting Association launched the Professional Indemnity Form (PIF) Test last year in response to requests from companies writing this line of business. Now the course is being repeated with an updated syllabus and an additional examination is also planned.
The first part of the test is designed to provide entry-level candidates with a grounding in the subject. This was taken by more than 130 candidates in 2016 with courses completed in both London and Bristol. Candidates learned the fundamental principles underpinning professional indemnity, how to understand and draft policy provisions and assess key legal concepts affecting the market.
A second part is now being finalised that will further develop expertise by concentrating on the underwriting characteristics of key professions within the professional indemnity class.
Chris Jones, IUA director of legal and market services, said: “Professional indemnity is an important part of the London liability market, but for many new entrants the only opportunity for learning about it has been on the job training.
“The test devised by our Professional Indemnity Forum provides them with a formal, but still very practical and relevant way of developing a better understanding of key risks and the market structure. It has provided very popular since being first launched and we are now looking forward to further enhancing the qualification with a more detailed part two examination.”
The PIF Test comes with self-study texts which are supported by training days organised by IMC Events Ltd. The next running of Part 1 is scheduled for Wednesday 24 May with Part 2 expected to be held for the first time in September 2017.
Copies of the course syllabus and application forms are available from Chris Jones (email firstname.lastname@example.org).
About the IUA
The International Underwriting Association of London (IUA) represents international and wholesale insurance and reinsurance companies operating in or through London. It exists to promote and enhance the business environment for its members.
The IUA’s London Company Market Statistics Report shows that overall premium income for the company market in 2015 was £21.645bn. Gross premium written in London totalled £15.150bn while a further £6.495bn was identified as written in other locations but overseen by London operations.