IBG Underwriting Managers have on behalf of Renasa Insurance Company developed an excess waiver for PI Cover. This policy works on a trigger basis meaning as long as the underlying PI policy responds to a claim, IBG will pay the excess as stated on the IBG schedule which the FSP would have selected at inception and no inner excess will apply. Should your claim fall within your excess of the underlying PI policy, IBG will consider the claim so long as there was a ruling from any statutory Ombud or any competent Civil Court within the Republic of South Africa, not exceeding the amount stated on the schedule. Legal fees are excluded in respect of any claim within your excess. An inner excess of 15% will apply, in respect of any claim admitted by IBG that falls within your excess of the underlying policy. PI Policy premiums are generally based on your Sum Insured and commission or fee income; our rates are not income rated however purely on sum insured bands. Our Minimum limit of indemnity is based on an excess of R10 000 and we provide cover up to a maximum of R350 000. We provide cover for Individual FSP’s (up to twenty representatives) and for groups (of more than 20 representatives). Our rates are calculated on a per representative basis, and we require full names and ID numbers as indicated on the representatives register.