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Bamford halves PI premium

Former Sofa chairman Nick Bamford has slashed his professional indemnity cover premium by more than half by shopping around.

Informed Choice managing director Bamford saw his PI premium rocket from 1,750 to 38,500 a year between 2000 and 2004 but his new deal through broker PYV sees that premium slashed to 15,000.

Bamford, who is a member of the Personal Finance Society, says he constantly reviews business strategies and last November was put in touch with NCG through Bankhall Investment Associates. He was offered a premium, because of NCG’s relationship with Bankhall, of 20,000 a year with 5,000 excess.

Around the same time PYV offered Bamford 15,000 a year with 10,000 excess – the first time he had been given any choice on PI cover as it had previously been take it or leave it.

Bamford says: ” It is bizarre that we are happy to be writing out a cheque for 15,000 if you compare this to a few years ago. IFAs need to get their application for renewal in early and look for competition in the market.”

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