Is time running out for brokers to face up to PI?
This month's Power Hour panellists consider whether the costs associated with the introduction of compulsory professional indemnity (PI) insurance in 2005 will force smaller brokers either out of business or into mergers
Is there a danger that brokers will unable to obtain professional indemnity cover once it becomes compulsory in 2005?
PB: I don't think there is going to be a danger that PI is not available.
However, brokers who have got their act together will be viewed more favourably by insurers. Looking at the market as a whole, insurers are becoming far more selective as to what they will take on. And rightly so, in some respects.
With regard to general insurance brokers, the average age of the people in
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