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Member notices | Significant benefits offered by the FIA PI scheme



Dear Member

As you are aware PIFRS are the official brokers of the FIA PI Scheme.

There have been some rumours that the benefits have changed. This is incorrect. The main scheme benefits have not changed. There has only been one minor benefit, the KI benefit, that has been removed as insurers cannot offer it anymore.

The scheme offers significant benefits exclusive for FIA members include but not limited to:

  • Automatic R 1 Million directors and officers cover.
  • Automatic R250K regulatory and statutory defence costs.
  • Automatic FG cover for own and clients funds: – The FIA scheme covers directors and partners, other policies exclude these parties. You may not be FSCA complaint if this condition exists in your current policy.
  • No binder exclusions. Most other policies exclude binder activities
  • Our basis of cover is on an each and every basis. There are significant risks when a policy is placed on an aggregate basis.

We would like to encourage you to contact PIFRS to obtain a quote regardless of the fact that you might have already requested quotes from any other product supplier. If you have already requested a quote from another supplier you can forward the completed proposal form to PIFRS. i.e. you do not have to fill in an additional proposal form.  

Please fill in the proposal form below and send email to fia@pifrs.co.za for any queries.