The Fine Print
Insurance Brokers Assn. Of New Zealand (I.B.A.N.Z) Membership
The company is a member of I.B.A.N.Z. This organisation is an independent body, which promotes and oversees Insurance Broking companies in New Zealand.
It imposes standards of documentation, statutory compliance and financial propriety, which every member company must conform to. They conduct annual audits of their member firms to ensure they qualify, each year, to their stringent standards of business behaviour.
Professional Indemnity (P.I.) Insurance, Respectrum Insurance Brokers Ltd have a current P.I policy in force, which protects its clients in the very unlikely event of a mistake occurring, which causes an avoidable loss.
The limit of indemnity on the current policy is $10 million, which is many times the current level required by I.B.A.N.Z rules, and is more than sufficient to allow for the majority of events, which could possibly happen.