Latest Poll: NZI and PI Insurance

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Is the decision by NZI to exclude sole trading financial advisers from its PI insurance offering a cause for concern?

  • Yes (89%)
  • No (9%)
  • Not sure (2%)

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NZI is to restrict its professional indemnity insurance to FAPs with three or more advisers, says the firm. The announcement surprised Katrina Shanks of Financial Advice NZ, who says her organisation will need to settle on a different PI insurer by the end of 2021.

Clinton Stanger of Curated Risk recommends advisers hold PI insurance and not be tempted self-insure. But while NZI is not the only provider of PI insurance in New Zealand, is its decision a cause for concern?