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PYV targets mortgage brokers with a second cut in PI rates

Independent Lloyd’s professional indemnity broker PYV has negotiated special PI rates for mortgage intermediaries with insurer St Paul Travelers.

The rates are claimed to represent a cut of 25 per cent and cover general insurance as well as term and protection.

It is the second time that PYV has cut rates for mortgage intermediaries by 25 per cent this year, saying it reflects the lower risk of mortgage intermediaries compared with IFAs.

Director Ian Boscoe hopes the deal will strengthen PYV’s share of the market for mortgage intermediaries and IFAs.

Boscoe says: “We see this deal having widespread effect, with many mortgage intermediaries who are currently insured elsewhere enjoying very significant savings if they obtain a quote from our new facilities. I am pleased to report that, as a result of this latest innovation, more and more mortgage intermediaries who have become disillusioned with the service and premiums quoted by their current provider are appointing PYV as their PI broker.”

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White paper — In Focus: Ebola Virus Disease

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