The Personal Finance Society is working on a professional indemnity insurance buyer’s guide with Howden Insurance Brokers, which will be published next year.
Howden is attending PFS regional roadshows over the coming weeks to hear advisers’ concerns about the PII market and what areas they think underwriters should be considering when setting premiums. This feedback will then be incorporated into the buyer’s guide.
The guide will be free to PFS members.
PFS chief executive Fay Goddard says: “PI cover is mainly bought on price and that is perhaps not the best basis. Advisers are very sceptical that some PI insurance is not worth the paper it is written on.
“There are some good policies available, but we need absolute clarity over clauses and exclusions and an ability to compare policies.”
Facts & Figures Financial Planners managing director Simon Webster says: “This is a useful initiative, as PI insurance is not an area most advisers have much expertise in.”