Inperio, a UK-based MGA specialising in professional indemnity cover, has launched a PI product catering to insurance brokers.
“We have been interested in entering this space for some time and have seen the significant problems brokers have had obtaining and renewing their PI Insurance and have launched our products to bring some needed capacity to the PI space and to support the broker community which is the life blood of how we distribute our products,” said Simon Lovat, Inperio CEO.
According to the company’s statement, the move will support UK brokers amid a toughening PI market, characterised by increasing rates and concerns about availability and affordability of cover.
The British Insurance Brokers’ Association (BIBA) has reminded intermediaries not to neglect their own insurance policies, to ensure that they are protected against potential errors and omissions claims, especially during the massive market disruption caused by the pandemic.
“Insurance brokers were the next logical sector in respect of our continuing product development,” added Tim Little, financial lines underwriting director at Inperio. “We are experts in providing protection to other FCA-regulated entities with an underwriting strategy ensuring that when we provide protection, it is comprehensive and unfettered by inner restrictions. We have been concerned to see several COVID exclusions appear across the market and we will offer a different solution to insurance brokers.”
