Insurance brokers should ensure they have strong Professional Indemnity (PI) cover in place in order to protect against litigation, a QC advises.
Speaking at the British Insurance Brokers' Association's (Biba) conference last week, James Dingeman warned that all practitioners in the industry should expect to face legal action at some point, reports Post Magazine.
"Brokers can take practical steps to avoid litigation but with the best will in the world, they won't be able to avoid lawyers completely," he warned.
"They must make sure they have a strong PI policy in place."
Mr Dingeman added that notes should be taken of meetings and calls conducted between brokers and clients to ensure they may accurately retrieve a particular item of communication when required.
This could eliminate the potential for a client's version of events to be given greater importance as, while clients commonly deal with one broker at a time, the firm may conduct many calls over a short period, he suggested. |