A light at the end of the tunnel

regulation

PII premiums have improved and the level of excess is reducing, but intermediaries should still try to manage the cost by allocating proper resources to preparing the proposal form and improving risk management and quality assurance

Intermediaries can be forgiven for thinking that professional indemnity insurers are out to get them. In recent years, professional indemnity insurance (PII) has moved from being a low cost optional insurance for most intermediary firms, to being the single most expensive cost outside of staff and premises. The various mis-selling scandals of recent years have not helped. PII rates have soared for all intermediaries even if they have never sold an endowment policy, split cap investment trust or precipice bond. The legislators also joined the party, by revising the minimum levels of PII at ...