Guidance for Insurance and Liability Cover
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Guidance for Insurance and Liability Cover

  Working Together

The Institute for Outdoor Learning (IOL) and the Activities Industry Mutual pursue very similar objectives, namely:

  1. To work for continued and improved public confidence in the adventure activities industry.
  2. To recognise, establish and promote good standards in the provision of adventure activities, understanding that to achieve this requires an investment by adventure activity providers in i) staff, ii) continuing professional development, and iii) systems and processes.
  3. To promote good risk management in the adventure activities industry and better management of the outcomes of incidents and accidents
  4. To manage the adventure activities industry’s reputation for the provision of truly adventurous and developmental experiences while ensuring appropriate levels of cost for liability cover.

Both believe that a closer working relationship will help achieve these objectives.

What is AIM?

AIM logoAIM provides its Members with protection against liability and business risks. It was set up in 2001 specifically to cater for the needs of the Adventure Activities industry in the UK.

It is important to note that AIM is not a commercial insurance company but rather a hybrid mutual bringing its members together in a way that allows them to capitalise on their collective strength and group buying power.  AIM does this in two ways, firstly it creates a pool of funds that enables it to settle relatively low level claims on a discretionary basis. AIM then also purchases supporting insurance with Lloyds of London to ensure the pooled funds cannot be exhausted by an adverse claims experience and that large claims benefit from the security of A rated insurance protection.

This structure enables AIM to provide cover that is comprehensive and affordable whilst also mitigating against the sometimes detrimental features of the commercial insurance market.

AIM is not a charity but its sole purpose is the provision of service and support to its members.  It is owned by its members and any surpluses it makes are retained from the benefit of those members rather than being paid away to third party shareholders.

AIM also arranges contracts of insurance for individual Members as needed, much like a regular insurance broker.

AIM is run by a Board of Directors drawn predominately from the Mutual’s Membership. The Board has engaged a firm of professional mutual managers, Regis Mutual Management Limited, to carry on its day to day activities.

Regulatory environment

Some of the products and services provided by AIM are regulated by the Financial Conduct Authority of FCA (previously the FSA).

IOL Regulatory status

The IOL has been appointed as an introducer appointed representative of Regis Mutual Management Limited. The appointment means the IOL can introduce its members to Regis and distribute certain promotions about AIM products and services from time to time.

Common Questions

Q. Why is IOL now working with AIM?

A. The IOL and AIM have similar objectives. Both work for continued and improved public confidence in the activities industry and both want to develop and promote good risk management practices and better management of the outcomes of incidents and accidents. A closer working relationship will help both to achieve these objectives.

 

Q. Will AIM give me a discount because I am an IOL member?

A. As IOL members are encouraged to adopt best practice risk management, AIM will take this into account in its assessment of your business and hence your cost of cover.  

 

Q. Does IOL recommend AIM products?

A. AIM is the IOL’s preferred supplier and we suggest you talk to AIM in addition to any commercial insurance company you may also decide to talk to.

 

Q. What products does AIM offer?

A. AIM offers cover for liability and business risks for activities providers. Visit the AIM website.

 

Q. How do I get in contact with AIM?

A. The telephone number is 01892 888 423 or you can send an email to info@activitiesindustrymutual.co.uk. There is more information on the AIM website.

 

Q. What is AIM/a Mutual?

A. AIM is a mutual formed in 2001 to serve the needs of the activities industry by providing liability and business risk protection to its Members. It is a company owned by and operated for the benefit of its Members, who pool their resources to meet claims. The company is run by a board of directors elected by the Membership and who are mostly activities providers themselves. The Board has appointed a firm of professional mutual managers, Regis Mutual Management Limited, as the Managers of AIM to undertake its day to day activities. You should contact AIM on 01892 888 423 or visit AIM’s website for more information.

 

Q.  What is the IOL’s regulatory status?

A. The IOL is an introducer appointed representative of Regis Mutual Management Limited (AIM's principal), who is authorised and regulated by the Financial Conduct Authority. This allows IOL to introduce IOL members to Regis if they want us to arrange for Regis to contact them directly about AIM products and services.

 

  ARTICLES and UPDATES

How much are you prepared to risk when it comes to Liability Cover? Article in Horizons 66 Summer 2014.

Personal Injury Litigation Reforms  – Why A Speedy Response to Claims Is Essential. By James Willis - founder and Industry Expert of the Activities Industry Mutual (AIM)