Tenet has made its permanent run-off professional indemnity insurance cover available to all advisers.
The network launched the permanent run-off cover exclusively for Tenet members in September last year. The cover is provided through Tenet’s Guernsey-based subsidiary Paragon Insurance.
The cover saw retiring advisers pay a lump sum premium equivalent to two years’ professional indemnity premiums in return for guaranteed indefinite cover.
The deal available to the wider market will see retiring advisers pay a premium on a monthly basis over an agreed period of time.
Tenet distribution and development director Keith Richards says: “The key objective is to help reduce the unfair risk that exiting advisers have to shoulder, especially into retirement.
Existing firms will be able to incorporate payment of the policy within their future budgeting so as to avoid the single premium impact at the point of exit.”
Richards will leave Tenet to take up the role of Personal Finance Society chief executive in April.