Professional Indemnity Insurance for Insurance Brokers
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SubscribeWhy do Insurance Brokers and IFAs need Professional Indemnity insurance?
The FCA rules require that all insurance brokers and IFA’s have in place a minimum level of Professional Indemnity (PI) Insurance of €1,300,380 for a single claim and €1,924,560 in the aggregate (or 10% of annual income subject to a maximum of £30m). However, the majority of firms should look to have significantly higher levels of PI cover in place to provide greater protection against the significant exposures that their advice generates.
We work with you and go beyond insurance cover, providing additional support through our in-house claims management service. You can expect proactive support in settling often complex matters, allowing you to focus on delivering great service to your clients.
Why should Insurance Brokers and IFAs choose Griffiths & Armour?
Your role advising clients on insurance and financial matters carries significant responsibility. In the face of claims, having appropriate PI insurance is crucial.
We offer tailored solutions for insurance brokers and IFAs. Through proactive advice and industry insight, we design responsive insurance cover to meet your evolving needs.
As accredited providers of PI insurance to the British Insurance Brokers’ Association (BIBA) since 2013, we’re committed to addressing the specific requirements of our clients in the insurance broking and financial professions.
Beyond Protection
Legal helpline
Griffiths & Armour offers a legal helpline providing direct access to sector-specific expert solicitors for our clients with Professional Indemnity insurance.
With offices across the UK and Ireland, you can receive immediate legal advice on issues like negligence allegations, draft agreements, and commercial disputes at no additional cost.
Legal helpline services are provided by third parties. Griffiths & Armour, an Aon company, does not recommend any provider and it is entirely your choice which provider you contact. Griffiths & Armour does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness of Legal helpline services or the advice given, or any part of it, and accepts no liability for any loss incurred in any way whatsoever by any person who may rely on it.
FAQs
Policy coverage can vary significantly between providers and strict policy exclusions and claims notification conditions are prevalent. We procure cover for our clients with the simple aim of ensuring that they benefit from the most secure cover available that will be there to support them when the need arises.
Almost all Insurance Brokers and IFA’s use an experienced PI Broker with sector experience to advise them and place this critical protection for their business. Griffiths & Armour is a PI specialist and have been accredited PI providers to BIBA members for over 10 years.
Our market-leading claims experts provide real comfort and assistance when claims alleging professional negligence arises. Griffiths & Armour clients also benefit from a free legal helpline with first class defence lawyers and access to our full risk management services, which include specific publications providing insights to typical claims and Insights newsletter updates.
