2. Your submission
A rushed and untidy proposal form with poor responses or ignored questions will impact your chances of obtaining a quotation; ensuring the presentation is correct in the first instance is extremely important.
The days of the short renewal forms are over. A 20-page proposal form and several questionnaires can be time consuming, but this will give you the best chance of obtaining a quotation. I have seen many cases where DBT exposure isn’t properly detailed in submissions resulting in a refusal to quote from insurers. As an IFA specialist, we work with our clients to ensure this is properly presented to insurers.
Ensure your facts and figures are accurate, clearly detail your DBT exposure and include any relevant information that will assist your case (DBT processes, claims register, explanations for large changes in turnover).
3. Working with an expert
Ensure your PI broker is experienced in dealing with IFAs in this tough market.
I would suggest testing the market at your renewal, but I would not approach several brokers. You will find many brokers have access to the same insurers and can jeopardise your position – insurers tend to decline to quote if they have seen your submission multiple times.
The broker should be open and honest with you, whether it is best for you to stick with your insurer, or to test the market for alternatives. They should know which insurers have pulled out of the market, which have been offering increased premiums and less cover, and which insurers are still underwriting this business.
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