Sharing PI claim examples and giving tips to prevent PI claims in your brokerage.

Broker Protect

FACTS: Short Term – Top up cover not placed on a policy. Mr X buys a new car and calls in with the details. Your consultant takes down the instruction and gets all the detail and paperwork together. Policy amendment is issued. Vehicle is written off and top up cover for credit shortfall was not placed on the policy as clearly requested by the client.

DECISION: Broker negligent. PI cover paid out less brokers excess.

LESSON: Tape your conversations with clients if possible. Amendments on any policy should have a two step revision system. One person does the amendment, second person verifies job is done. If you have a workflow management system, build this in.

Keep safe https://brokerprotect.co.za

Len