REPs - New Insurance Rates

We have received the following information from the Register of Exercise Professionals (REPs)

The cost of the REPs insurance has not risen for 5 years and we have been exceptionally pleased with our low claims history, however, we have recently received the following statement from our insurance brokers:

" There have recently been two sports and leisure related claims involving Perkins Slade clients which have been settled at £5 million and there are two more that are expected to exceed £5 million. These awards reflect the cost of long term care for claimants who have become disabled.

The Limit of Indemnity is the maximum amount of damages that Insurers will pay in relation to the settlement of a claim. Once the limit is exceeded they will relinquish control and be under no further liability, leaving the Insured to fund any difference in cost.

In light of of these increasing awards, the minimum Limit of Indemnity that Perkins Slade will recommend is £5 million, and we would ask that you consider a higher limit of £10 million."

Due to the above statement the insurance criteria for REPs registration has risen from 2m to 5m cover and individual registration forms have been amended to reflect the changes which are:

Type                           Limit of Indemnity     Old Price      NEW PRICE

Civil Liability                  £ 2,000,000                  £46.00          No longer available

Civil Liability                  £ 5,000,000                  £66.00          £55.00

Civil Liability                  £ 10,000,000                      -             £80.00

Civil Liability
& Sport Conditioning       £ 5,000,000                 £140.00        £110.00

Civil Liability
& Sport Conditioning       £ 10,000,000                     -             £135.00
 

Although 2m cover is no longer available, the good news is that the new cost of both £5m cover insurances has been reduced.

Employers and training providers who issue customised registration forms to staff will shortly be receiving updated forms and are requested to withdraw the old forms from 1 Nov 08.