A new PI product that’s said to be less expensive than those provided by most market competitors is being offered by industry training and support firm mySolutions.
The company reviewed the options for PI cover following regulatory changes in March – and with nothing quite fitting the bill – its directors developed their own cover in conjunction with Rothbury’s/QBE.
Kevin Smee, CEO mySolutions, heard stories of advisers seeing their PI premiums doubling, tripling and in some cases quadrupling, before setting out to develop a better deal for his firm’s members.
“Some firms, under their new licencing structure, have seen premiums rise while cover is reduced, and on top of that excess payment levels have also gone up,” says Smee.
The cost of our PI scheme is generally cheaper than most out there…
“Folk have also had to buy run-off cover, to cover them under the previous regulatory regime, as another cost on top of their PI renewal.
“Because adviser distribution agreements protect their renewal rights, which in turn underpins the entire value of their business, no PI potentially equals no agency agreement, which potentially equals no renewal rights.”
Smee says the principals of mySolutions are all practitioners with their own advice businesses, and so sought an alternative way to obtain and provide competitive PI cover.
“We did what we do best – networked, negotiated and did a deal to open up a PI insurance solution for the more than 350 members of our group,” says Smee.
“The cost of our PI scheme is generally cheaper than most out there. Even better is that our scheme provides unlimited retroactive cover, so there is no need to buy further run-off cover.”
Smee says feedback from some of his firm’s clients indicate they have halved their PI premiums based on the cover they had previously.
For more information see mySolutions PI Cover.