PYV and the Personal Finance Society are offering the option of run-off PI cover for firms that cease trading.
PYV says advisers who have been insured with an approved insurer for two or more years can extend their PI cover if they stop trading.
Advisers who have renewed with their current insurer at least once will be offered one year’s run-off cover, those who have renewed twice will be offered up to two years’ cover and after a third renewal advisers will be able to take out cover for up to three years.
PYV says the offer, which is provided by a select number of insurers, is designed to offer set rates based on the adviser’s last annual premium.
Managing director Neil Pointon says: “This offer from insurers is designed to give you the option of set terms for further valuable PI protection if you cease trading after having been insured with this insurer for two years or more.
“Furthermore, this offer may allow you to take advantage of purchasing more than one year’s run-off cover in one go, which is not usually available elsewhere.”