Broker E&O claims - why they are increasing and how these can be mitigated
Broker Professional Indemnity premiums are in many cases doubling which reflect the fact that Pi underwriters believe the possibility of claims against brokers has never been higher. This presentation will explore why the number of errors and omission claims against brokers are on the increase and how these can potentially be mitigated.
Various new pieces of legislation including the brokers' duty under the Insurance Act 2015, GDPR and the Insurance Distribution Directive are making brokers more vulnerable than ever, which coupled with increased litigation in society, increased client expectations and ever higher regulatory demands mean that brokers cannot continue to do what they have always done, far more proactivity is required.
Alan Chandler, who is widely regarded as one of the leading trainers and presenters within the UK, will provide a number of examples of how the tide of litigation is turning against insurance brokers and what they need to do to mitigate their E&O risks.
Learning Objectives:
By the end of this session, delegates will be able to:
- Understand why broker error and omission claims are increasing
- Understand how recent statutes are increasing the E&O risk
- Take positive action to mitigate these E&O risks
