Latest News

QPI legal, the Northampton based insurance broker has sold to PIB for an undisclosed amount. QPI Legal provides professional indemnity insurance policies mainly to solicitors and the legal profession. The acquisition is the fourth made by PIB, previous...

Following the announcement in the March budget, insurance premium tax (IPT) is set to increase again with effect from 1 October 2016.   It will be the sixth increase in the tax since it was originally introduced at 2.5%. Last year the IPT...

With up to 90% of the legal professional renewing their professional indemnity insurance on 1 October, the solicitors renewal season now into full swing. So what's the market doing this year? Generally rates are dropping to varying degrees...

The Gibraltar based professional indemnity insurer Enterprise Insurance has collapsed. Enterprise has been an important insurer in the solicitors’ professional indemnity insurance market and insures many of the UKs law firms. Policyholders...

The professional indemnity insurance market for most of the 5,400 directly authorised IFA firms has been turbulent in recent years. Most saw a significant increase in their premiums and some harsh exclusions added to their policies. The reasons for...

For some small businesses cash flow is critical to survival. Many business owners will scrutinise their monthly expenditure and trim this back to the bare minimum, particularly if the business is going through a rough patch. Professional indemnity...

According to a new study by insurers, Accountants are the most accident prone drivers in the UK. Doctors and Solicitors closely follow them on the list of worst drivers. In 2015, a staggering 16,000 accident claims involved Accountants while a...

Probate is an area of work where problems can and do frequently give rise to professional indemnity claims and with many firms of accountants now considering this type of work, learning from the mistakes of others can be a great prevention.   We...

Claims made against accountants during the last recession and even over the last decade have often escaped the more excessive claim trends that have been suffered by other traditional professions such as the law, with accountants on the whole avoiding the...

The Financial Conduct Authority (FCA) has fined five individuals and two firms a total of £15.5m, in addition to banning four of those individuals, for significant integrity and competence failings. The FCA fined Shay Reches £1.05m following an...

With concerns about negligence claims against the legal profession, Elite Insurance has withdrawn from the English and Welsh solicitors' professional indemnity insurance market. The company, which entered the market in 2012, confirmed that all existing...

A poll carried out by the procurement and supply website Supply Management found that buyers overwhelmingly support the use of professional indemnity insurance (PI) by self employed procurement professionals. Not only did they feel it was good...

The Insurance Act 2015 revamps outdated and unsatisfactory legislation..... The Insurance Act 2015, enacted in February and expected to come into force on 12 August 2016, effects some fundamental changes to the commercial insurance regime. It will...

Professional Indemnity Insurance Brokers has a new specialist insurance broker. Karen Fox has recently joined the business to develop our new SME quotation unit, Fastrack. Not all businesses can buy their professional indemnity insurance online....

Whilst Cyber crime is often associated with money being taken from individuals computers, evidence suggests that organisations with electronic data are being targeted with insider traders looking to gain information on businesses. This focus will inevitably...

New research reveals that only a third of SMEs currently have Professional Indemnity Insurance (PI). Not all SMEs will require PI cover but of the remaining 3.3 million of the UK’s 5.2 million SMEs, those that do could find themselves...

Chancellor of the Exchequer George Osborne announced at the last budget that the standard rate of insurance premium tax (IPT) will rise from 6% to 9.5% from 1 November 2015. The increase will apply to all classes of insurance including...

Your professional indemnity policy is an important document. It is a contract between you and your Insurer and like any contract, it should be read and fully understood by all its parties. It is a commercial insurance contract and so unlike personal lines...

The ‘limit of indemnity’ (LOI) is the amount of cover or protection provided under the professional indemnity policy. Calculating the right amount isn’t an exact science, but getting it right is very important to avoid under-insuring,...

Becoming self employed can be both exciting and daunting. Whatever your chosen profession and however good you are at what you do, there will be many tasks that you will need to undertake that you will not have had to consider when you were an...

Poor professional advice from third parties or consultants had resulted in 16 per cent of small and mico businesses surveyed losing money, according to a study by Direct Line. Their research found that over 320,000 small and micro businesses had lost an...

In February 2015, the Insurance Act 2015 received Royal Assent and will come into force in August 2016. This is one of the most significant changes to commercial law in over 100 years. But what does it really mean for Professional Insurance policy holders? ...

Insurance broker and consultant Jelf was one of London's stock market biggest risers on Wednesday as it confirmed it may be the subject of a takeover by global firm Marsh Ltd. Shares surged 19.32% to stand at 247p as the market welcomed the news. ...

If you are a construction professional, then this is for you. We've put together some guidance notes to help you understand the time limits that exist for a claim to be made on a project you have been involved in. You have a duty to "exercise...

We understand that you are busy running your business.....before you know it your PI insurance renewal date has arrived and it's too late to shop around. So let us remind you when your insurance is due. We'll will then contact with an alternative...