Professional indemnity (PI) specialist Dickson Manchester (DM) has launched a new PI product for brokers and intermediaries.
DM managing director Charles Manchester said the PI market for brokers and intermediaries had undergone a dramatic and sudden hardening. He said he hoped the new product would be an attractive alternative .
Andrew Macpherson marketing manager said: "DM is committed to providing brokers with a PI solution for their own needs as well as those of their professional clients."
"General brokers have claims too, especially as the commercial market begins to harden and insurers look for ways out of claims on policies. Most PI insurers' loss ratios from this class have been little short of disastrous and, as things begin to tighten in the market, the major players are using their muscle to push through aggressive rate rises."
The scheme provides Personal Investment Authority (PIA), Insurance Brokers' Registration Council (IBRC) and General Insurance Standards Council (GISC) compliant cover, and is also suitable for brokers and intermediaries with financial services involvement.