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Protection news
Industry helps solicitors
arrange PI
The British Insurance Brokers' The guide explains how to it will alleviate some of the ers with the aim of facilitating the
Association (BIBA), The Law choose a broker and insurer, the pressures experienced in the renewal process."
Society and The Association of workings of the PI market, com- renewal process and provide solici- Nick Starling, director of general
British Insurers (ABI) have pleting the proposal form, difficul- tors with a point of reference for insurance and health at the ABI,
launched a guide to buying profes- ties in obtaining PI and gives their dealings with brokers and commented: "Insurers are working
sional indemnity (PI) insurance for information about rights and insurers." to give customers the right cover at
solicitors. responsibilities in the renewal Eric Galbraith, BIBA chief execu- a price that reflects the risk. This
The solicitors PI insurance mar- process, including how to make a tive, added: "The BIBA team, guidance, with its emphasis on
ket is complicated and unique with complaint. including a number of our mem- how solicitors can get the right
a specific policy wording and a sin- Desmond Hudson, Law Society bers, has worked closely with the information to brokers and insur-
gle common renewal date. This is chief executive, said: "We want to Law Society and the ABI to create ers, will help build a more robust,
the first time that brokers, insurers thank BIBA and the ABI for their this guide. This guide takes into competitive and sustainable mar-
and solicitors have issued guidance input in producing this helpful account the requirements of all ket for professional indemnity
on the renewal process. guide for our members. We hope three - solicitors, brokers and insur- insurance."
Scot Prov paid out 93 per cent of CI claims
Scottish Provident paid out on For the first half of this year 12% for the same period in 2008. claims were declined due to non-
93% of all claims assessments almost £30 million was paid out Scottish Provident’s report pro- disclosure.
concluded between January and for cancer claims and over £3.7 vides intermediaries with guid- Commenting, Susan Barclay,
June 2009, an increase of 6% on million in claims for heart attacks ance on how they can help ensure head of marketing at Scottish
the first half of 2008. alone. Cancer now accounts for their clients' claims will be paid Provident said: "We are commit-
The Critical Illness Claims 62% of total claims paid in com- promptly and efficiently. The ted to making the application and
Report reveals that the total parison to 54% for the same peri- report provides advice on non- claims process on our Critical
Scottish Provident paid out to its od in 2008. Claims paid for heart disclosure, and the ways in which Illness policy as clear and simple
Critical Illness policyholders in attacks, on the other hand, have intermediaries can better help as possible, and we believe today's
the first half of 2009 reached over marginally decreased – account- their clients to avoid it. In the report, which sees our claims pay
£43 million, with an average pay- ing for 10% of all claims paid in first half of 2009 just 1.2% of out increase by 6% to 93%, is tes-
out of £74,207. the first half of 2009 compared to Scottish Provident critical illness tament to this commitment."
Scottish Widows policyholders due cash
Building on the success of The Plan are reviewable annually burial, this plan will pay a children. We've now got three
Fixed Plan which comes with in line with inflation, as meas- contribution towards these different plans to give advisers
fixed monthly premiums and a ured by the Retail Price Index. costs. and their clients the flexibility to
fixed cash sum paid out on death, However, policyholders Malcolm Cowcher, sales direc- choose the product which best
Legal & General will now be can choose to freeze their sum tor, Legal & General Partnership serves their needs."
launching two further guaranteed assured at any time and not Services Limited (LGPSL), said: Policyholders are guaranteed a
acceptance life insurance plans increase it any further. "This is an alternative revenue payout after two years if they die,
for the over 50s. Premiums will also be stream for our business partners, as long as the premiums are paid
The plans are available to reviewed each year and will which is welcome whilst mort- when due. If death occurs within
anyone aged between 50 and 80 increase by 1.5% for every 1% gage-related protection sales are the first two years the premiums
and applicants are guaranteed increase in the benefit. The challenging. People traditionally will be refunded in full unless the
to be accepted for cover. Monthly Funeral Plan covers the cost of take out this type of life insur- death is the result of an accident
premiums stop aged 90 although a cremation funeral, provided ance to provide their family in which case the full benefit
cover will automatically continue through Dignity, the UK's with funds to go towards funeral amount will be paid. None of the
until death. The benefit for largest funeral plan provider. expenses or unpaid bills, or as plans have any cash-in value at
the Increasing Plan and Funeral If customers would prefer a a gift for children or grand- any time.
October 2009 Mortgage Introducer www.mortgageintroducer.com
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