Trusted and reassuring, the Griffiths & Armour Professional Indemnity insurance scheme for Bravo Networks members
Key facts about the Griffiths & Armour PI Scheme for Bravo Networks members
Broker PI Background
Cover Requirements
The FCA require all Insurance Brokers to have a minimum Professional Indemnity (PI) limit of €1,300,380 any one claim (under the latest regulatory requirements) but the vast majority of firms should have a significantly higher level of cover in place – we generally advise £5m as a minimum.
The market
The Broker PI marketplace has stabilised following the hard-market and pandemic of recent years which saw many PI providers substantially increase premiums, restrict cover or exit the market entirely. Throughout these significant challenges, our scheme continued to demonstrate its quality long-term approach by supporting members with full cover limits for pandemics and a more supportive and reasonable approach to premium levels charged.
Policy coverage
Policy coverage can vary significantly between providers with onerous policy exclusions and strict claims notification conditions being prevalent. This is particularly dangerous when brokers are forced to move PI providers due to changing appetite or market withdrawals following capital being pulled or restricted.
The Bravo PI Scheme
The insurer
Our Bravo PI Scheme has been continuously and exclusively
underwritten by Arch Insurance (UK) Limited since its development in 2013, originally for the Compass Network. They are UK-domiciled, A+ rated (January 2025) and have exclusively provided cover to brokers through Griffiths and Armour for over a decade, which evidences their long-term commitment to Bravo Networks and its members through a sustainable & skilled underwriting approach.
Scheme Coverage
The Griffiths & Armour Scheme for Bravo Networks members is wide and secure, representing the
leading cover in the Broker PI market. Furthermore, the support that Scheme members receive from both Arch and Griffiths & Armour when claims arise makes it the ultimate broker ‘safety-net’
The Dividend
As a further value-added benefit, the Bravo PI Scheme has a unique ‘Dividend’ which is a profit share element dependent on the overall claims experience of members. This is first applied at a member’s second consecutive renewal on the scheme. The Dividend has once again been agreed for 2025, this being the 9th year in a row.
Why choose Griffiths & Armour?
Expertise
Griffiths & Armour has over 50 technical PI brokers and claims experts, including a dedicated
Broker PI team with decades of experience, and who are regularly consulted by industry bodies including the CII, FCA, BIBA and leading compliance consultants on Broker PI and risk management matters.
Added Value Service
This provides you a free legal helpline with first-class defence lawyers and access to their
full risk management services, which include ‘Lessons to be Learned’ publications providing insight to typical claims and BrokerRisks Newsletter updates
Support
Their market-leading claims experts provide real comfort and assistance when claims alleging professional negligence and/or non-performance
arise. Expert proactive and friendly support when you really need it most.
