Insurance Brokers
and IFA’s
If your client claims against you for an alleged error in your advice, failure to act on instruction, or problems with your recommendations, having the right insurance protection in place is essential.
Why choose Griffiths & Armour?
Your advice to your clients for their insurance and financial matters can be complex, placing you in a unique position of trust and responsibility. If a client claims against you, having the right Professional Indemnity (PI) insurance protection in place is essential. The Professional Indemnity (PI) market for Insurance Brokers and Independent Financial Advisers (IFAs) has never been more challenging, with insurer appetite reducing, capacity withdrawing and underlying premium rates rising. Despite these challenges, Griffiths & Armour have a proven track record of finding valued and tailored solutions for our portfolio of Insurance broker and IFA clients. Extensive experience in broking this specialist insurance class has given us a unique insight and ability to identify claims patterns and trends.
This means we can provide insightful, informed, and proactive advice, influencing the design of your insurance cover so it is responsive to the ever changing environment you face. At Griffiths & Armour we also go beyond conventional insurance placement services. Through established partnerships with industry bodies including the British Insurance Brokers’ Association (BIBA) and the Chartered Insurance Institute (CII), we have been at the forefront of developments within the insurance broking and financial professions, launching several industry recognised schemes to meet the specific needs of Insurance Brokers and IFAs. Since 2013, Griffiths & Armour have been an accredited provider of PI insurance to BIBA and its members.
Prefer to talk? Get in touch with our experts today 0151 236 5656
What risks do Insurance brokers and IFAs need to manage?
Your clients have chosen your services because of their confidence in your ability to deliver however from time to time mistakes or miscommunication can happen. Alleged poor advice or a circumstance that results in a financial loss for your client that subsequently is not covered by their insurance can result in your client (and any parties who suffer as a consequence of the mistake) pursuing you for the cost of addressing the problem and putting things right. There is no limit in the UK to the value paid in the event of a successful compensation claim.
Your clients have chosen your services because of their confidence in your ability to deliver however from time to time mistakes or miscommunication can happen. Alleged poor advice or a circumstance that results in a financial loss for your client that subsequently is not covered by their insurance can result in your client (and any parties who suffer as a consequence of the mistake) pursuing you for the cost of addressing the problem and putting things right. There is no limit in the UK to the value paid in the event of a successful compensation claim.
Searching for a Wholesale PI solution to meet your clients’ needs?
The Professional Indemnity (PI) market is a challenge for many brokers looking to find the right solution to meet their clients’ needs. Griffiths & Armour has a specialist team of brokers who combine our long-standing expertise in providing quality PI schemes with a fresh and focused approach to wholesaling. By providing a wholesale Professional Indemnity Insurance solution to many of our insurance broker clients, we build on existing relationships, becoming a preferred PI partner for many brokers in what is very much a niche market.
Our experienced wholesale broker team deliver prompt service, offering technical knowledge, competitive premiums and understand the challenges of the PI market which continues to evolve as the scope of professional risk expands. We work with you in partnership and go beyond insurance cover, providing additional support, should you need it, through our in-house claims management service. You can expect proactive support in settling often complex matters quickly and cost effectively, allowing you to focus on delivering great service to your clients.
What insurance classes should Brokers and IFA’s consider?
We go beyond insurance cover, giving you much more. & that’s the difference
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