Brokers need to tread with care
All is not lost for brokers finding themselves at risk. They may be able to get a contribution if a third party causes the loss.
Professional indemnity claims against brokers are increasing, withthe market's approach to policy points and coverage issues just one reason
brokers are finding themselves in the firing line. Really, it's surprising
that, unlike other professionals, brokers are not required to have
professional indemnity insurance.
A number of aspects of their work contain potential traps for unwary
brokers. They face being unable to obtain insurance for clients, or
getting them inappropriate or inadequate cover.
T
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