1. Office Insurance policies are too complicated and need to offer a wider range of covers and opt outs to give the best value to clients according to Graham Hearsey, CEO at Professional Insurance Agents Ltd. This is particularly relevant for those clients who wish to purchase their insurance covers online. Policies also need to be modernised to include cover such as cyber liability and international business travel and kidnap and randsom covers.
2. Business Insurance 247 seals a new deal with leading insurance company to offer a scheme to complementary therapists insurance, a medical malpractice professional indemnity insurance policy via its online multiquote and buy platform. According to Kelly Fyfe, Business Insurance 247 Director, this will be great news for both clients and insurers as cover and policies can be issued online instantly.
Thursday, 13 December 2012
Tuesday, 20 November 2012
PIA Make a Move In The Insurance Market to Improve PI Cover - 20th November 2012
Graham Hearsey CEO of Professional Insurance Agents Ltd has been
very pleased with the latest move in the Insurance market to improve
Professional Indemnity Insurance policy covers.
After several meetings with leading suppliers some really useful "add ins" (which hopefully would not upset the FSA) are now available when you buy your policy, whether its via the companies online Multiquote and Buy platform or with an offline more complicated Professional Indemnity Insurance requirement. These covers include Personal Accident Insurance, Life Cover and Directors and Officers Insurances.
With new regulations and regulators due to take over from the FSA, brokers need to be very aware of "adding on unnecessary products" with the main purchase they offer their clients.
PPI was an example of bad selling of an insurance product, thankfully for every broker involved with selling this type of insurance with, the major banks like Barclays, Lloyds, RBS had to pick up millions of pounds in fines from the FSA and to compensate all the clients that they miss-sold too.
Hearsey the CEO of PIA said "We are very confident that the extra products we are selling along side Professional Indemnity Insurance policies are very complementary to the clients needs and because many of our customers buy via our website, very often without a brokers advice i.e "execution only", we make our extra product range very visible and all our clients can opt out of having these sections on their final policy if not required and more are sold as an assumption sale. We would also like to make it clear that besides the Professional Indemnity policies we offer which currently total 9 insurers on our Quote and Buy platform that all these other policies can be purchased stand alone, and the client can cherry pick from different suppliers what they would like to have cover on. This makes the buying experience flexible and gives the client a wide range of insurance products and services to choose from."
After several meetings with leading suppliers some really useful "add ins" (which hopefully would not upset the FSA) are now available when you buy your policy, whether its via the companies online Multiquote and Buy platform or with an offline more complicated Professional Indemnity Insurance requirement. These covers include Personal Accident Insurance, Life Cover and Directors and Officers Insurances.
With new regulations and regulators due to take over from the FSA, brokers need to be very aware of "adding on unnecessary products" with the main purchase they offer their clients.
PPI was an example of bad selling of an insurance product, thankfully for every broker involved with selling this type of insurance with, the major banks like Barclays, Lloyds, RBS had to pick up millions of pounds in fines from the FSA and to compensate all the clients that they miss-sold too.
Hearsey the CEO of PIA said "We are very confident that the extra products we are selling along side Professional Indemnity Insurance policies are very complementary to the clients needs and because many of our customers buy via our website, very often without a brokers advice i.e "execution only", we make our extra product range very visible and all our clients can opt out of having these sections on their final policy if not required and more are sold as an assumption sale. We would also like to make it clear that besides the Professional Indemnity policies we offer which currently total 9 insurers on our Quote and Buy platform that all these other policies can be purchased stand alone, and the client can cherry pick from different suppliers what they would like to have cover on. This makes the buying experience flexible and gives the client a wide range of insurance products and services to choose from."
Monday, 14 May 2012
Professional Indemnity Insurance Brokers
The season for solicitors re-renewal is only months away, and this year will there be any new players for Professional Indemnity Insurance covers and at what rate.
Claims for 2011 are still coming in from this professions at a alarming rate. So the appetite for offering Professional Indemnity Insurance may not be so high this year. Specialist brokers Professional Insurance Agents Ltd who offer PII across all the professions. CEO Graham Hearsey said "we think the market will stay competitive as new players will appear this year."
Claims for 2011 are still coming in from this professions at a alarming rate. So the appetite for offering Professional Indemnity Insurance may not be so high this year. Specialist brokers Professional Insurance Agents Ltd who offer PII across all the professions. CEO Graham Hearsey said "we think the market will stay competitive as new players will appear this year."
Monday, 23 April 2012
Professional Indemnity Insurance for Building Industries
In recent years it has been very difficult to sometimes obtain Professional Indemnity Insurance for Professionals in the building industry particularly for surveyors, architects and building surveyors.
The reason for this several new PII underwriting agents and MGA's have sprung up offering financial lines.
Specialist brokers Professional Insurance Agents Ltd who's CEO Graham Hearsey has stated "there are of course plenty of Professional Indemnity insurers offering all the standard covers, IT and miscellaneous classes but not so many for professions such as surveyors, offering survey valuation work or architects with larger contracts..
Tuesday, 17 April 2012
Professional Indemnity Insurance Claims & Covers Expand
There has been a big increase in PII claims particularly in the building sector, architects, surveyors, and engineers, however at the same time the demand for Professional Indemnity Insurance protection has grown from many new professions and request from government bodies local authorities, and charities that consults should all hold such covers.
Karler Mears managing director of leading Professional Insurance Agents Ltd said "we have seen two areas of change, one with the number of claims and two the number of new enquiries for PII."
Karler Mears managing director of leading Professional Insurance Agents Ltd said "we have seen two areas of change, one with the number of claims and two the number of new enquiries for PII."
Subscribe to:
Comments (Atom)