The Financial Intermediary & Broker Association (FIBA) is witnessing a rise in enquiries from brokers who are looking at new PI quotes to cover their commercial activities.
The specialist finance trade body is part of the SimplyBiz Group and established its own PI insurance proposition last year for members. It announced its own block PI scheme for members, in partnership with The PI Desk, in early 2019.
The scheme comes with premiums from an ‘A’ rated insurer, a simple application process providing same day indicative quotes (subject to underwriting), no administration fees, free monthly premium instalments and “easy” renewals.
Adam Tyler, executive chairman of FIBA, said: “We always planned our PI product as a major plank of our offering to members and prospective members. As it has turned out, the changing landscape and the overall trend of increasing premiums in recent years, has seen adviser firms approach us, which would not normally have been seen as the most natural candidates for FIBA membership.
“Our main focus is on specialist finance in the commercial arena and we are keen to assist those who are already involved in the sector or thinking of expanding their business activities into the commercial arena. Our PI scheme is therefore an increasingly important benefit for members and those who want to join us, as well as providing the necessary protection for them and their customers.
“Professional Indemnity Insurance is becoming an increasingly worrying issue across all disciplines, but more commercial broking firms are finding that having access to the umbrella of the FIBA block policy is a welcome bonus as well as a great relief.”