Many successful IFAs have found securing quality professional indemnity insurance a challenging task recently when seeking a balance of price and protection. PI insurance premiums have increased significantly and continue to do so. Particularly in relation to the situation in respect of DB transfers, it is not just the premiums which have increased but also the excesses applicable (note potential impact on Financial Resources calculation). And a number of cover restrictions are now being applied.
The professional indemnity market for professional advisers of all types and sizes is historically the most volatile in the commercial insurance sector with capital flowing rapidly in and out. Major historical concerns for PI insurers such as Arch Cru and Key Data have now been followed by DB Transfers and SIPPs. And unfortunately, this has come at a time when the PI insurance market as a whole, beyond the IFA sector, has “hardened” considerably.
Tempting as it might be, this is not the time for IFAs to cut corners when purchasing professional indemnity insurance. In fact quite the reverse. Many prudent IFA firms consider their Professional Indemnity cover to be their Insurance safety net. The decision to utilise quality markets with good financial security that are committed to the sector is of paramount importance. PI insurance experts such as Griffiths & Armour are a good starting place for you to find a personal service, which leaves you feeling confident that your firm is fully protected and supported by a Risk and Claims team that you can rely on.
The details for the key contacts at Griffiths & Armour dedicated IFA PI Broker are below.
To discuss your PI needs, please contact:
Peter Monks T: 0151 600 2266 E: pmonks@griffithsandarmour.com
