Mortgage Advisors have been required to purchase Professional Indemnity Insurance since the introduction of the regulation. They are not seen by insurers as such a high risk as Financial Advisors, although there are a number of areas which can trip brokers up when looking for cover. There have been significant problems with the past sales of accident, sickness and unemployment cover and past sales of mortgages to clients with impaired credit can be an issue.
PI cover for brokers and other lending professionals is regarded as a specialist area and many firms buy from an industry recognised or approved scheme in the belief that this is where they will achieve the best cover at the most competitive price. Sadly this is often incorrect. Many of the Industry approved schemes are deals between the broker and one insurer and do not include any real element of broking to obtain the best deal for you. Normally the sponsoring industry body will also earn commission on sales of the policies as well as the broker which adds to the price that you pay. Unsurprisingly, there are better deals out there for brokers – you just need a broker like the PI Expert to actually go out and look for them!
PI Expert has access to insurers who can provide insurance for mortgage and lending experts who operate in a wide range of specialities. We can obtain quotations which are competitive and offer extremely wide cover.
Our specialist, experienced and dedicated professional indemnity team has access to all qualifying insurers which enables us to offer the most appropriate advice and most cost-effective professional indemnity insurance available.
To obtain a no obligation professional indemnity insurance quotation, simply download and complete one of our Mortgage Brokers PI proposal forms. Alternatively, send us a copy of the insurance proposal form completed for your existing broker.
If your insurance policy is not yet due for renewal, register your interest now and we will arrange to contact you prior to the renewal of your current policy