Avoiding the elephant traps
After months of research into the issues around brokers professional indemnity - and the common 'get out' clauses used by insurers - Graham Trudgill examines the pitfalls ahead.
No matter how professional a broker is, or how stringent its systems and controls are, mistakes happen. It is at times like these when a broker relies on its professional indemnity cover to support it. To add to the stress of an unhappy customer, the burden of proof is on the broker to demonstrate that the claim falls within an insuring clause.
Understandably, many brokers make their buying decision purely on the price of cover. Unfortunately, at BIBA House we regularly see examples of cases
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