Against a background of rising PI premiums, the Hoyl policy offers a tailored approach to underwriting risk rewarding firms for the quality of business written, drawn from a monthly report, instead of industry past-performance.
Led by director Paul Barnes said the evidence showed current methodology employed by the diminishing number of insurers was leading to a spiral of greater restrictions on cover and where the cost of that cover was threatening to escalate out of control.
Barnes said: “We have studied the reasons for the seemingly vicious upward spiral in the pricing of the risk and we believe that our new proactive approach to writing PI insurance will help begin to put a brake on the ever growing costs we have seen over the past five years.”
Barnes said the retrospective nature of much PI cover lacks real-time relevance to the risks firms are taking every day. The firm also offers a continuous policy review over a renewal date so gives a minimum of 60 days notice ahead of policy cancellation.
Examples given of increased risk pushing up premiums might include a sudden leap in equity release cases from two a year to two dozen. In contrast, premiums might be edged downward for firms who regularly file check.
“We aim to act as a proactive partner to our clientele, rather than a disinterested third party,” adding that the extra layer of compliance data could help with regulatory relationships.
