Risk perspectives - Making sure your PI policy is valid

Insurance brokers have a duty to report all circumstances which may lead to a future claim on their professional indemnity (PI) policy.

It is vitally important to comply with this duty as the policies are annually renewable, operate on a claims-made basis and have notification conditions which can be onerous. If a broker does not report a particular circumstance and it later leads to a claim, the insurers may not be liable to meet the claim.

If renewal takes place between the circumstance occu

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