PI cover - Recommended providers?
PPWow
Member
Good morning all,
Can anyone advise me of any good PI providers out there who actually understand what we do?
Also are there any key tips you have when setting up PI?
Enjoy the rest of your weekends!
Comments
I wrote into my terms of business that the responsibility of the advice sits with the adviser, and in the case of any claim, the liability is limited to the cost of the work in question. I'm not FCA regulated and I feel that my terms adequately cover me. It's the adviser's name on the report and they need to check what they are giving the client (this is also in my terms!!)
I looked into PI but the cost was more than I was interested in paying, plus it would not have covered DB transfers, so not a lot of point, as this represents a large percentage of the work that I do.
Other paraplanning firms have PI insurance but plenty more like me do not. It's something I might revisit in future but not for me for now
https://thebigtent.paraplannerspowwow.co.uk/discussion/1021/pi-insurance-to-have-or-not-to-have#latest
No provider recommendations here but a useful thread on general opinion of having PI.
We use Collegiate.
Paraplanner. F1, Apple, Nutella, ice cream. No trite motivational quotes. Turning a bit northern.
Afternoon guys,
Thank you Andrew, I'm going to limit my liability as well but the client requires me to have PI in place too. I'm not sure what the cost will be so hopefully it's not too damaging!
Thank you Benjamin I'll take a look at that thread.
If anyone else knows of any good PI providers for paraplanning please share.
If the client requires you to have PI, send them the bill for the premium!!
Thank you Richard I'll check them out.
Haha that's not a bad idea, I'm just not sure it'll go down well!
It is a difficult one. As what I would class a 'big player' @richallum (I guess) feels that he is of a size now where he thinks it is necessary. Certainly a couple of years ago he didn't think he needed it.
There are plenty of outsourced paraplanners who do not have PI, and are comfortable that they don't think it is necessary, as they (like I) feel that this is adequately covered in their ToB.
If an adviser is asking questions about whether you have cover, is this the first of many queries they are asking about? If it is, you need to ask yourself whether it is worth continuing the relationship with them, or if you feel it is worth pursuing (the 80:20 rule applies here). Although the comment about making them pay was a little tongue-in-cheek, it still may be worth putting this to them, after all, they're the only ones who are requiring you to have it before they will deal with you.
At the end of the day, only you can make the call, but if I were in your situation, I would discuss with them the fact that it is not my name on the report. They have to take responsibility for the advice, and if there is an error in the report that you missed (it happens), then they would obviously pick this up and arrange for it to be corrected before it goes in front of the end client.
Sorry for the delay Andy!
You're right, I need to make sure the ToB is clear and talk through this point with the adviser too.
Have a nice Christmas and New Year