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&#39Quitting networks could get IFAs better PI deal&#39

IFAs could be getting a better deal on their professional indemnity insurance by quitting their networks, according to support services providers and brokers.

Support services provider Threesixty believes firms which rushed into networks when PI premiums escalated last October could be paying higher premiums now than similar sized companies which remained independent.

Trade bodies Sofa and Aifa believe the latest round of renewals has seen a marginal easing of the PI problem but that improvement will be gradual.

Collegiate Insurance Brokers says companies which leave networks now and set themselves up on their own could be in a much stronger position to gain competitive cover.

Threesixty partner David Brattesani says: “I would encourage IFAs not to let PI determine their long-term business strategy. Their premium is likely to be reduced on exiting because some networks are trebling costs. Firms leaving now are just joining a longer queue to be dealt with by brokers.”

Collegiate Insurance Brokers marketing director Fergus Chappel says: “I think the critical thing for IFAs leaving networks is how run off cover and past activities are handled and assessed.

“Certainly, firms that are coming out of networks now and setting up a new limited company, for a PI ins-urer, look like a good opt-ion compared with taking on a long tail of liability.”

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