Broker says it will expand underwriting relationship to other lines
Zurich has revealed it will underwrite Howden's recently accredited Biba PI scheme.
The move follows the insurer's plans to grow its professional and financial lines business to top three status in the UK.
In a statement Howden, which was appointed to the Biba PI panel at the beginning of this month, said it had developed a new policy with Zurich that was "designed to reflect the complexities of the current regulatory regime," and offered a market-leading PI solution.
Head of Professional and Financial Lines, Zurich’s Broker Division, Stuart Quinlan said: “We are excited to be partnering with Howden on this new broker PI policy. It is the first time we have written a Biba accredited PI scheme but we have been impressed by Howden’s forward thinking and innovative approach.”
The policy includes cover for ‘non-regulated activity,: that which may occur when an individual unwittingly provides advice outside the authorised parameters set by the regulator. The policy also offers a 50% reduction in the excess if a claim is settled through mediation.
Howden Professional Risks Director, Richard Wynn added: “We were selected by Biba to join their panel because of our experience, and it’s that experience which prompted us to develop a policy that is ahead of the curve when it comes to today’s complex regulatory environment.
"It’s fantastic to have a brand as strong as Zurich; a household name backing the scheme. Its excellent reputation for claims handling will certainly give our clients additional confidence, and we too look forward to expanding the partnership into other lines."
Additional features of the policy include: special proceedings cover, provision for defence costs and expenses for investigation of an ‘approved person’; statutory regulation cover, cover for appointed representatives, cover for binding authorities, public relations extension, automatic acquisitions cover, and an automatic 12 month run-off.
