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Sifa warns advisers to check PII renewal charges

Sifa is urging advisers approaching their professional indemnity insurance renewal date to discuss new charges with their broker, after a member’s renewal premium was recently doubled.

Sifa compliance director Ian Cockerill says in addition to the member’s premium increasing 100 per cent on last year, the firm had been waiting for a quote for several weeks and the deadline for renewal “was imminent”.

Cockerill says: “SIFA discussed the situation with the PI broker, who explained that a minimum fee was now being charged for arranging policies and that even taking this into account, the deal was competitive.

“We suggested that nevertheless the member was being unfairly treated and persuaded the broker to maintain the previous year’s charge. The experience does emphasise the importance of discussing fees with your broker at renewal rather than assuming that existing levels will be maintained.”

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