Institute of Certified Bookkeepers
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Other PI Insurance companies

  • 4 posts
  • # 81416

Does anyone know anything about GC Insurance
They sent me a leaflet about their PII and it is much cheaper than Insurance made easy
Can anyone tell me what is missing from it to make it cheaper
Shaz BBS 

  • Fellow in Practice
  • Practice Certificate
  • 455 posts
  • # 81418

>
Hi
If you can give me a look at the brochure etc then we can compare
We would be very interested
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  • Fellow in Practice
  • Practice Certificate
  • 23 posts
  • # 81434

I have my PI & PL with GC Insurance. I actually just got my renewal.

Matthew, I'll send you a copy of my renewal. I'd be interested in your thoughts.

Edited at 01 Apr 2012 10:18 PM GMT

  • 4 posts
  • # 81437

http://www.unitingbookkeepers.com.au/getdoc/81842af1-09b2-4f91-9947-394c94439724/GC-Insurance-PI-Insurance-Brochure.aspx


This is the link to the brochure
Shaz 

  • Fellow in Practice
  • Practice Certificate
  • 455 posts
  • # 81438

Thanks
we will have a look and come back to you
face value I can see why it is worth a look
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  • Fellow in Practice
  • Practice Certificate
  • 455 posts
  • # 81529

I am not sure about the price comment "cheaper" let me know as I may have missed something.

however
Some notes on the comparison:
the GC policy
- some of their limits of cover are lower
- no defamation cover
- the cyber exclusion needs to be considered carefully as this is significant! (IME/Chubb has no such exclusion)
- computer records needs to be conisdered carefully  (IME/Chubb has no such exclusion)
- Sale & Supply exclusion needs to be considered carefully (IME/Chubb has no such exclusion)

IME/Chubb also has
unlimited reinstatments (GC has 1)
Nil Excess (GC has $500)
7 year run off cover  (GC has none unless you keep paying)
etc

hope that helps
It would be so nice if we could compare apples to apples  :-)

 

  • Fellow in Practice
  • Practice Certificate
  • 151 posts
  • # 81537

I've been with GC for the last 2 years - have my renewal due this month.

I picked up information from IME at the ICB conference recently - now need to look to see whether I should pay an extra $400 for the 'extras' IME appear to offer - not looking attractive!

I haven't found anything yet in the documentation about 'cyber exclusion' so obviously need to look a littel closer.

  • Fellow in Practice
  • Practice Certificate
  • 455 posts
  • # 81540

> Hi Wendy
What quote have you got from ime
$400 difference seems large given Most ime policies are only $500
Can we chat offline tomorrow.
Give me a call if you like at the office
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  • Fellow in Practice
  • Practice Certificate
  • 455 posts
  • # 81570

Hi Wendy
just to clarify
the "Cyber Exclusion" I spoke about are exclusions in the GC policy information.

It seems to me that I would clarify with GC that all the software related work you do is covered.  This was a major discussion topic with the Insurance companies we have dealt with in the past, to get them to understand your role in obtaining, installing, customising software and then working with datafiles.  For this to be excluded is a concern.

  • Fellow in Practice
  • Practice Certificate
  • 151 posts
  • # 81583

Matthew Addisonsaid:

“Hi Wendy
just to clarify
the "Cyber Exclusion" I spoke about are exclusions in the GC policy information.

It seems to me that I would clarify with GC that all the software related work you do is covered.  This was a major discussion topic with the Insurance companies we have dealt with in the past, to get them to understand your role in obtaining, installing, customising software and then working with datafiles.  For this to be excluded is a concern.”


Hi Matthew,

If OK with you, may I call to discuss after the long weekend? Just in from a client and getting ready to go to my last appointment before the long weekend.
I also need to speak with you re a discussion with an ATO rep at the Reckon AP conference. He asked me to email him and copy you in so would like to discuss first.
My policy with GC covers MYOB, Quickbooks and "similar software programs" - all processing, training and 'other activity incidental thereto'.

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