Specialist advice crucial in difficult Professional Indemnity insurance market
Never has it been more important than now, to employ the services of a specialist Professional Indemnity Insurance broker. The availability of Professional Indemnity (PI) insurance has become a major concern and utilising a specialist insurance broker in these uncertain times is crucial.
Professional Indemnity Insurance provides cover for legal costs and expenses as well as any damages or costs that may be awarded, if an organisation/individual is alleged to have provided inadequate professional advice, services or designs that cause its client to incur a financial loss.
With the number of insurers offering PI reducing, key sectors are being affected as highlighted by a Construction Leadership Council survey of over 1,000 firms. It revealed widespread incidence of companies having to change the type of work they do because of restrictions on PI cover, with a quarter losing jobs because of tough conditions and limitations being placed on them by insurance firms.
Andy Mitchell CBE, co-chair of the CLC said: “The survey results confirm that there is a widespread problem for many firms in being unable to obtain essential PI cover, which is having an impact on the ability of the industry to work, and undermining efforts to deliver remedial work to ensure building safety.”
Last year the Civil Engineering Contractors Association (CECA) reported spiralling costs of PI insurance and a poll of its members showed that 92% of contractors have experienced substantially increased premiums and 85% have seen a reduction in PI insurance providers.
Many PI buyers have used the services of their local broker for many years. But out of 3,500 brokers in the UK, very few are specialist PI brokers.
W Denis has a specialist PI division wholly focused on procuring competitive solutions for professional organisations. Having significant market relationships with all of the PI underwriters is vital to ensuring that competitive terms and comprehensive cover can be procured.
As recently as last week, W Denis has seen letters from brokers to their clients saying that certain types of PI cover are no longer available, only to be proven wrong W Denis have sourced the cover which the other non-specialist broker failed to find.
W Denis Insurance Brokers has dedicated teams of Professional Indemnity specialists. To discuss this further with an expert at W Denis, please make arrangements with firstname.lastname@example.org and on 0044 (0)113 2439812
Call us today on 0044 (0) 113 243 9812 or arrange a call back to find out how you could benefit from our intelligence-led insurance policies.