In an effort to provide brokers with access to a wide market for professional liability insurance, Brunel Professional Risks has announced the launch of a wholesale professional indemnity insurance broking service.
In addition to Brunel’s bespoke policy wordings, brokers will also be able to access the firm’s claims, risk management, and market expertise under the new wholesale business liability insurance service. Managing director for Brunel, Russel Lane, remarked that the firm has entered the wholesale professional indemnity insurance market in order to remedy the markedly slim number of choices brokers have if they wish to provide a genuinely independent service to their clients.
A large number of the existing wholesale professional liability insurance brokers are either tied to single insurance companies or are managing general agencies, said Mr Lane. However, brokers availing themselves of Brunel’s new service will be able to access more than 40 professional indemnity insurance markets while also being able to benefit from the firm’s extensive sector knowledge, the managing director also said.
As broking firms by necessity need to master a large number of different insurance classes, Brunel has found that many brokers lack confidence in their in-house expertise regarding the placement of professional indemnity insurance cover due to the complexities inherent in this area of insurance. The size of potential liabilities also leads brokers to shy away from the market in an effort to avoid exposing their firms to the risks associated with loss.
However, Brunel says that they can place professional indemnity insurance for more than 300 different professions, either provided with behind the scenes services or in joint names, giving brokers acess to its expertise in managing professional indemnity insurance claims as well as its risk management experience.