Spiralling broker PI costs are a real challenge
Brokers have seen the price of their professional indemnity cover increase massively in the last year
The rising cost of professional indemnity (PI) cover for brokers has thrown up a range of new challenges for firms.
In recent years some medium-sized brokers have seen their PI premium spend increase fourfold with many having to pay up to £5000 to ensure adequate cover.
Over the last 12 months alone, some rates quoted have doubled. It is a far cry from the pre-Financial Services Authority days when PI cover for general insurance brokers wasn’t even compulsory.
The UK economy’s collapse into
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