Professional Indemnity rates still low 2011

Apart from the obvious high rated professions such as solicitors, independent financial advisers and survey valuation companies, the general rates for Professional Indemnity insurance have remained very low or static even for professions such as accountants and architects. The most competitive prices and costs with good policy definitions and clear explained (PII) wordings are miscellaneous professions such as IT consultants, business consultants and management consultants, the wordings for these classes have also been improved by some Insurers and provides Professional Indemnity insurance covers with any one claim and low excesses. PII brokers are also able to obtain worldwide cover including USA & Canada with low policy excesses.

Director of Professional Insurance Agents ltd, Graham Hearsey states that even though cheap and low prices are readily available for many classes on Professional Indemnity, that this would be a real danger to insurers and underwriters and that prices should clearly harden to meet possible claims