Brokers struggling to offload PI books
Brokers offered insurers books of scores of law firms without scrutinising their ability to pay out on claims, it has been reported.
Ahead of the October professional indemnity (PI) renewal deadline which passed last night, the Law Society Gazette reported that insurers had received a surge of books, fuelled by the withdrawal of non-rated insurers Balva and Berliner over the past year.
Jason Smart, chief executive of Elite, told the Gazette: "We have offered terms to the better risks but we have been very careful not to be the recipient of a bin-full of applications that were part of a ludicrous situation.
"Berliner was not
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