The number of cases brought against surveyors of property for negligence allegedly caused during the property boom era has increased markedly over the last few years but not all of them are successful
Many professional indemnity insurance providers have begun to not only scale back the amount of business liability insurance cover they offer to IFAs but have even begun to refuse cover altogether, citing concerns over recent investment failures.
The rising cost of legal action due to cosmetic surgery that has gone wrong is forcing anybody who is connected with the surgery to ensure they are properly covered by sufficient PI insurance.
The outcomes from current investment disasters have persuaded professional indemnity insurance providers to place restraints on the cover they offer to financial advisers.
In a move that appears to have raised a few hackles amongst the IFA’s, the City’s financial watchdog, the FSA, has asked those advisers that might have had liability in respect to the failure of CF Arch Cru Ltd to provide details of their professional indemnity insurance policies.
Countrywide, the UK’s largest residential property broker, faced at least 38 cases of litigation against it last year alone for negligence related to surveying of properties in the housing boom era.
One after-the-event insurer and legal expenses provider has changed its mind recently by announcing it will enter the professional indemnity insurance market in 2012.
PK Underground UK recently reported that insurance companies have indicated that there has been an increase in claims from inheritors of estates who have not been found when research for potential heirs have been conducted.
One PI insurance broker has recently launched a new smartphone app for professionals in the IT industry, allowing them to get business liability insurance price quotes or even purchase cover directly.
An innovative new smartphone application specifically designed to secure professional indemnity insurance at the click of a button has been launched by an insurance broker recently and seems sure to gain ready approval by professionals and tradesmen.