News analysis: Calculating broker PI
Brokers are counting the cost of their own professional indemnity protection. Sam Barrett investigates.
Insurance brokers have long demonstrated their expertise at placing difficult risks. But, over the course of the pandemic, many have found arranging their own professional indemnity (PI) cover has become more of a challenge, with higher premiums and more restrictive terms making it harder to get the cover they need.
“Our members have been highlighting the state of the PI market and it’s been challenging,” says Graeme Trudgill, executive director of the British Insurance Brokers’ Association.
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