Unprecedented challenge for broker PI as prices double and exclusions threaten non-compliance
News analysis: Experts question legality of Covid-19 exclusions in brokers' PI policies and warn of trouble with doubling of premiums, providers reducing capacity, as compliance specialists call on the FCA to make it clear whether Covid-19 exclusions are allowed.
Brokers risk being heavily impacted by the Covid-19 crisis, as experts warn they will struggle to find professional indemnity (PI) insurance that includes cover for claims arising from the pandemic.
PI specialists have urged the Financial Conduct Authority (FCA) to bring clarity on whether brokers could be left non compliant if they cannot secure cover for losses relating to Covid-19.
Insurers rushed to exclude Covid-19 from brokers’ PI policies earlier this year in response to the surge in
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