Quadrant PI is now offering retroactive professional indemnity insurance as part of its standard package.
The firm’s director Tony Vidler says every adviser needs retroactive cover, adding that many don’t understand how important it is.
He says that in most cases, PI cover doesn’t protect the adviser for anything that happened before their policy was taken out unless, “…you were prepared to stump up a pricey premium for separate retroactive cover to protect yourself and your business from liability for negligence claims arising from past advice”.
Vidler says: “We have it built it into our PI contract, as opposed to an optional add-on, which is what most of the market does. This ensures that when you are using our product, it doesn’t matter who you had your previous cover with.”
Phil Mitchell, a senior broker with Hutchison Rodway and the main point of contact for those wanting to join Quadrant’s PI scheme, says: “As soon as you sign up with us, you’re offered unlimited retroactive cover for all your past history.”
See our story: Advisers Launch New PI Offering