Independent professional indemnity insurance broker, Brunel Professional Risks, has launched a wholesale professional indemnity insurance (PII) broking service to enable insurance brokers to access a wide PII market on behalf of their clients…
The initiative has been launched to give brokers a wider choice of insurers for their client’s PII cover and to provide them with access to Brunel’s market, risk management and claims expertise as well as bespoke PII policy wordings.
Competitive commission arrangements are available to brokers and, as Brunel only offers PII, it guarantees not compete with its wholesale clients in any other lines of business.
Russell Lane, Managing Director of Brunel Professional Risks says:
“We’ve entered the wholesale PII market as its has been clear for some time that brokers have had remarkably little choice if they want to provide their clients with a genuinely independent, whole of the open market PII service. Most of the existing wholesale PII brokers are either Managing General Agencies or are tied to single insurance providers.
“With our service, brokers gain access to over 40 PII markets and they can tap into our extensive knowledge of the sector. Brokers have to master many different classes of insurance and we find many firms are less confident of their in-house expertise in placing PII cover. This is a complex area of insurance and the size of potential liabilities means this is an area where many brokers do not want to inadvertently expose their own firm to the risk of loss.”
Brunel can place PII for over 300 Professions and its new wholesale offering is designed to offer brokers a flexible approach to placing their clients’ PII cover. The service can either be provided in joint names, or Brunel will act behind the scenes, providing access to its risk management and PI claims management expertise as well as its network of relationships with PI solicitors and risk managers.
Brunel provides a full claims service and will work independently, or in conjunction with a broker’s own claims team, to provide them with support and advice on PI claims.
Russell Lane, Managing Director of Brunel Professional Risks says:
“We’ve traditionally only been a retail broker and already place PII cover for over 150 insurance brokers, but there has been a growing demand from many brokers to make our expertise available to their clients.
“We now have a separate department purely dedicated to Insurance Brokers’ own Professional indemnity insurance and Wholesale PII. Our move into the wholesale market not only saves brokers money on their own PI insurance, but also assists them in placing their clients’ PI and gives them a competitive edge in winning new accounts from professional firms.”
