The Professional Indemnity (PI) market has been hardening for quite some time in the UK, making it difficult for some businesses to find adequate cover. The Grenfell Tower tragedy and the collapse of Carillion created difficult conditions for PI in Britain, with many insurers deciding to eliminate PI cover and focus on other products.
Enter the COVID-19 health crisis, and its subsequent restrictions on work practices, and the insurance environment is extremely precarious at present, particularly in relation to Professional Indemnity.
The COVID-19 pandemic has taken its toll on the way the PI market reacts. Obtaining quotations are possible. However, many insurers are still prioritising renewals. The increased volume of claims in the wake of the health crisis has meant that insurers are having to pay a heavy price, at a time when financial supply is limited.
In this challenging environment, it is vital to have a proactive provider that can confidently offer a range of Professional Indemnity insurance.
One such provider is Aptus Brokers, an independent wholesale insurance broker providing a range of specialist professional indemnity insurance products.
Sarah Stewart, Director of Aptus Brokers Limited, explains the current situation surrounding PI, stating:
“We have seen a large reduction in the number of insurers offering cover for Broker's Own PI. We now have a situation where some firms are not being offered renewal, are struggling to change insurer or are finding that the only quotation available to them excludes cover for COVID-19 claims and we would encourage brokers to start their own renewal process early.
As the PI market in general continues to harden, premiums are increasing and for certain risks lower limits of indemnity are being offered and cover restrictions being imposed. In some instances, markets which have held risks for a number years no longer have an appetite for them and these risks are finding that they need to seek cover elsewhere. Clients should be encouraged to return their completed renewal forms early so that renewal terms or a suitable alternative can be sought in good time prior to the renewal date.”
Aptus Brokers’ Professional Indemnity Insurance covers:
- Broker’s Own Professional Indemnity
- Miscellaneous Professional Indemnity, Aptus offer two solutions:
o For smaller risks a user-friendly online portal offering a “quote and bind” solution underwritten by Tokio Marine HCC designed for premiums from £84 to £2,500 across a wide range of professions with the flexibility to quote on Office Protect, EL/PL and D&O insurance
o For larger risks a more traditional approach providing access to a panel of leading professional indemnity insurers with many more benefits to the broker
Although trading conditions are tough, Aptus Brokers’ provide:
- Expert guidance and advice
- Special rates for portfolio transfers
- Protect your book and win new business
- Rapid quotation turnaround
- First class service and risk management advice
- The ability to source and offer a wide range of covers
- Competitive minimum premiums
- Professional Indemnity Insurance:
o protection for interests against claims for error, omissions, professional neglect for both the principles and employees of a business from accountants and architects to recruitment consultants and surveyors
o Hundreds of miscellaneous and newly emerging professions
- Broker’s Own Professional Indemnity Insurance
- Directors & Officers’ Liability quotations also available
If you are looking for a quote for your own PI or would like further details about Aptus Brokers, speak to your Blink IS Business Development Manager or click here.
Full underwriting terms and conditions apply, please ensure that all of the contractual documentation is read and understood prior to use. This facility is provided by Aptus Brokers Limited which is authorised and regulated by the Financial Conduct Authority Register No: 629694 and underwritten by a panel of insurers. Access to this facility is subject to approval by the product provider only. Blink Intermediary Solutions is not part of the approval process and is not the product manufacturer. Some products/facilities are not available in all territories. The intended recipients of this content are UK FCA-regulated insurance brokers. Full details of FCA authorisations can be found at www.fca.org.uk.
This information is correct at the time of production, but may be subject to change.