Burns-Anderson has renewed its Professional Indemnity Insurance policy with effect from February 1 2005, broadening its cover to operate in a more competitive market.
B-A has reduced its excesses to 2,500 for some of its firms conducting investment business, and has improved its premium rate. Excesses last year were consistently at 5,000.
The network has added a limit of indemnity – 1,000 for mortgage and 2,000 for GI firms, increasing its offering to companies conducting these types of business. These terms charge a premium of 1.125 per cent of turnover.
Burns-Anderson PI officer Nick Raine says: “The network has in place a strong relationship with its underwriters, which has enabled us to negotiate terms that greatly benefit the members. There are no exclusions to the policy this year, and the policy remains FSA and IMD compliant. Additionally, both excesses and premiums have been driven down. We have the option to extend our policy for a further 12 months, ensuring we will be competitive for the foreseeable future.”