When do I need to submit a PI claim as a FSP?

Broker Protect

It is important that you understand your policy wording for the PI scheme that you are on.

Most policy wordings will require that you notify the insurers as soon as you know of an incident that can lead to a claim.

Example: Your client is unhappy about betterment applied on a claim and blames you for not telling him how this works when he took out the policy. You explain and feel you did what was expected of you. You leave it and do not contact you PI insurers. Six months later you get a visit from the sheriff of the court and a summons is served. You should have notified the insurer when you became aware of the incident.

Lesson: Keep your complaints register up to date and also note incidents that could lead to a claim. Notify your PI scheme. Rather be safe than sorry.

Also see this recent post on the topic by Camargue
https://lnkd.in/dUreeTp

Keep Safe

Len