Our 2 Directors have over 70 years’ experience arranging and Underwriting Insurance Brokers Professional Indemnity Insurance between them.
With many brokers having to having been forced to change insurer once, twice or even more in recent years as insurers have come in and out of the market from “hard” to “soft” and “hard” again we work hard to ensure that we offer cover from an Insure who is not only competitive but consistent, fair and unlikely to retrench as quickly as they enter the market.
Using A- rated security at worst it is also our aim to ensure our policies do not rely on ‘technicalities’ (such as breach of a term unconnected to the loss) to enable Insurers to avoid liability.
From time to time, there may be a question mark about whether a Brokers policy covers the loss they have sustained and that can become a risky period for the Broker. If a policy does not cover a loss your client has sustained, your own PI insurance may be on the line so it’s important to use a Broker with experience and the ability to advise you not only when buying cover, but also to be there holding your hand in the event of a potential claim.
Frequently, a claim against an insurance broker is based on one or more of the following errors:-
- Failure to ascertain a client’s insurance needs
- Failure to arrange insurance cover
- Failure to convey material information about a risk to an insurer
- Failure to arrange insurance cover on terms requested
- Failure to arrange insurance which meets the clients Demands & Needs
Insurance can be complex, with policy wordings/clauses appearing to mean “the same” when ultimately they can have very different meanings – For instance, to most a wording that reads “arising out of” v a wording reading “caused by” appear as the same meaning but have a very different meaning in the eyes of the courts who consider that “arising out of” is a significantly wider statement.
Helpful Downloads: FCA – For all firms that hold/need PII