Key benefits of AgentGuard Pro

In a tripartite partnership with Fusion Specialty Asia (Singapore) Pte Ltd (“Fusion”) and Aetna Insurance Brokers Pte Ltd (“Anapi”) we are pleased to share that General Insurance Agents can now purchase a first-in-market Professional Indemnity insurance to protect yourselves!

Called AgentGuard Pro, the policy will indemnify agents against claims arising from the performance of their general insurance agent services.

What are General Insurance Agents covered for under the policy?

In the challenging landscape of insurance, AgentGuard Pro is your trusted partner, providing robust professional indemnity coverage tailored specifically for General Insurance Agents. With AgentGuard Pro, safeguard your profession, protect your reputation, and secure your peace of mind.

The policy will indemnify agents against claims arising from the performance of their general insurance agent services. It will include coverage of all costs and expenses incurred in the investigation, defense or settlement of such claims.

Why do General Insurance Agents need Professional Indemnity Insurance?

Risks and liabilities General Insurance Agents face due to the nature of their work:

• Professional Errors & Omissions: Agents may make mistakes in their provision of advice which may result in claims of negligence or errors against the agent.
• Failure to Procure Adequate Coverage: Agents may neglect to recommend sufficient coverage to their clients resulting in them suffering financial losses in the event of a claim. The agent could be held liable.
• Honest Misrepresentation: Agents must accurately represent insurance policies and their terms to clients. Misrepresentation or misleading information, can lead to legal repercussions and reputational damage.
• Litigation from Dissatisfied Clients: Clients may sue agents for various reasons, such as alleged errors or omissions in advising on insurance coverage, failure to secure adequate compensation for claims, or breach of contract.
• Professional Relationships & Conflicts of Interest: Agents may face conflicts of interest when representing multiple insurance companies. Conflicts of interest can lead to allegations of biased advice or unfair practices
• Changing Client Needs & Expectations: Failure to adapt to changing client needs or provide comprehensive advice can result in dissatisfaction and potential liabilities.

Table of Benefits

Benefits	Sum Insured
Overall Plan Limit	S$300,000	S$500,000	S$1,000,000
Breach of Professional Confidentiality	Full Limit
Compensation for Court Attendance	S$250 per day / S$20,000 in the aggregate
Dishonesty of Employees and /or Principals	S$50,000
Inquiry Costs	S$250,000
Public Relations Expenses	S$50,000
Defamation	Full Limit
Extended Reporting Period	90 days after expiry
Lost Documents	Full Limit
Sub-Contractors and Consultants	Full Limit
Trade Practices Legislation	Full Limit
Premiums	S$700	S$900	S$1,200

*The Retention/Deductible will be S$5,000 for Each and every Claim, costs and expenses inclusive.

Key benefits explained

Inquiry Costs

• We will indemnify You for Your reasonable legal costs and expenses arising out of any notice requiring Your attendance at an inquiry, prosecution or hearing of a disciplinary nature held before a legally constituted industry or professional disciplinary board and first received by You during the Period of Insurance and notified to Us during the Period of Insurance provided that: –
  • such indemnity is subject to Our written consent prior to the incurring of the legal costs and expenses;
  • Your regular or overtime wages, salaries or fees are excluded from this indemnity; and
  • Our total liability under this clause shall not exceed the amount shown in the Schedule during the Period of Insurance
• The Retention does not apply to this extension.

Public Relations Expenses

• We will, if We agree in writing, indemnify You for reasonable costs and expenses necessarily incurred in respect of any action taken to protect Your reputation as a result of any Claim.
• You shall have the onus of proving a negative impact on reputation under this Extension, and You will be obliged to give prior written notice to Us, within thirty (30) days of first becoming aware of a negative impact on reputation, of the intention to take action that will incur such costs and/or expenses.

Sub-Contractors and Consultants

• We will indemnify You on the basis already set out in this Policy for any civil liability arising from the acts, errors or omissions of sub-contractors and consultants, provided that We will only indemnify You for Your civil liability in connection with the Professional Services provided by the sub-contractor and/or consultant. Indemnity will not extend to the sub-contractor and/or consultant who committed the act, error or omission.

Dishonesty of Employees and/or Principals

• We will, notwithstanding the Dishonest, Fraudulent or Criminal Acts Exclusion, indemnify You on the basis already set out in this Policy in respect of Claims made against You and notified to Us during the Period of Insurance resulting from any dishonest, fraudulent, criminal or malicious act or omission by You occurring or committed in connection with the Professional Services.
• Provided that nothing in this Automatic Extension shall require Us to indemnify any Insured who has perpetrated and/or commissioned the perpetration of and/or recklessly failed to prevent the perpetration of any such dishonest, fraudulent, criminal or malicious act or omission or who by act or omission has condoned any such act or omission.

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Fusion Specialty Asia (Singapore) Pte Ltd (“Fusion”) is a company registered in Singapore and a specialty insurer owned by the POP Group.

Aetna Insurance Brokers Pte Ltd (“Anapi”) is a company registered in Singapore and an insurance broker licensed by the Monetary Authority of Singapore.

Whitechalk Pte Ltd (“Surer”) is in the business of providing InsurTech solutions to both insurance intermediaries and insurers via its platform, Surer. Surer’s collaborative platform helps intermediaries work with clients and insurers with greater speed and efficiency.

Surer is an introducer, carrying out introducing activities for Anapi and Fusion. Surer is not allowed to give advice or provide recommendations on any Fusion products, market any collective investment scheme or arrange any contract of insurance, other than to the extent of carrying out introducing activities. Surer receives a fee for carrying out introducing activities.

This policy is underwritten by Fusion Specialty Asia (Singapore) Pte Ltd (UEN No. 201943731H).

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for the policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the General Insurance Association (GIA) or SDIC websites (www.gia.org.sg or www.sdic.org.sg).

DISCLAIMER: This document Is for Information purposes only. While Anapi, Fusion and Surer have taken reasonable care In the production of this document, It does not warrant the accuracy or completeness of the information. Policy wording should be requested for full details on a particular product. Fusion reserves the right to amend any information contained in this document at any point in time.

This advertisement has not been reviewed by the Monetary Authority of Singapore.