Professional Indemnity Insurance / New Online Providers

Professional Indemnity Insurance seems to now be one of the most popular commercial insurance classes being purchased via the internet.

With new providers appearing almost daily, the competition has hotted up for both sponsored links and unsponsored positions.  There are however, only a few B2C type multiquote offering, ie where you can get a choice of providers.  One website run by Professional Insurance Agents Ltd has more than 9 different suppliers illustrated on it's websites for Professional Indemnity Insurance, making it one of the very few online quote and buy facilities where clients can obtain a real choice of insurance companies offering this type of insurance.  It also has over 350 professions to choose from.

Professional Indemnity Insurance Notes

There has been some movement in markets on Professional Indemnity rates but only in the traditional classes such as solicitor Independent Financial Advisors, survey evaluation surveyors where as the other misc classes for IT, business consultants management consultant etc, rates for Professional Indemnity have stayed at very low rates and do not look like moving for some time yet.

It only follows the insurers that have put pressure on brokers and on solicitors, representing them on claims to reduce their costs and broker commissions.

Mortgages for 1st time buyers

The government are trying several ways to kick start the first time buyer markets by introducing new concepts such as shared equity, joint ownerships, rent and buy government schemes at up to 95% mortgages.

Mortgage brokers, Building Societies and Builders can all help with the promotion of the new ideas to help 1st time buyers on the 18 November 2011. 

Leading estate agents said in London it was almost impossible to buy a house if you were a 1st time buyer because of the high house prices and high deposits required, sometimes up to 30% and before lenders would consider an application, other difficulties in the industry was the way in the past the mortgage suppliers had acted, very often not in a professional way and we all know where that leads the USA, UK and Euro zone.

Mortgage Brokers, Banks and Building Societies have gone through a lean time with their own costs to cover themselves against neglect with Professional Indemnity Insurance policies and Bankers Blanket Bonds increasing in price.

There has to also be a mindful eye towards Directors and Officers Insurance to cover any rogue Directors or Officers lending irresponsibly to 1st time buyers.

Benetton's May Face Legal Liability From Vatican

Benetton the clothes company will be having to defend itself against legal action being taken by the Vatican, it has also had comments from the White House. The problem is based on a advertising campaign where Benetton shows images of Angela Merkel and Nicolas Sarkozy kissing each other with a 'Unhate' slogan. Also shown is Obama kissing Hu Jinlao and the pope kissing the lips of Ahmed El Tayyeb.

One hopes that Benetton have a good legal protection insurance policy and that their advertising agents hold a good level of Professional Indemnity Insurance, as maybe Benetton's advertising agents or consultant should have tested the 'rather good idea' before producing the pictures and adverts. Clearly Benetton may will be able to defend a legal action using a legal protection insurance, but may well consider the idea of counter claiming against their advertising agents Professional Indemnity policy base on Professional neglect, for not pre-testing any reactions from the various groups, unless of course they had provided a sample test of reactions to Benetton before producing the pictures, which has of course damaged their campaign and may have cost the company clearly.

Unemployment Figures Strain On Government Payment Liability

The high unemployment figures as 16th November 2011 in the UK which have reached in addition of 2.60 million. Worrying particularly as many of the unemployed are young between the age of 16-24, which accounts for nearly 1.02 million of the total unemployed figures. Many companies from across most sectors are either not taking on more staff or making redundancies saying they are with the government trying its hardest to help youth unemployment, by introducing apprentice schemes, many say this is not enough.

Some growth areas can be found and tends to be in specialist areas, for instance Broker Houses, Insurance Brokers dealing in Professional Indemnity Insurance & Directors and Officers Insurance, where there has been a growing demand for this type of cover. A spokes woman for Professional Insurance Agents Ltd, Karler Mears, pointed out that the professional financial sectors have started to see more claims of Professional Indemnity and Directors & Officers type policies, and therefore new staff to support the extra demand being received by companies has opened up vacancies, which could help reduce unemployment in our area and location.