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FIRE SERVICE AND GENERAL FIRE SAFETY TOPICS => Fire Safety => Topic started by: memnon on September 06, 2023, 01:55:26 PM

Title: PI and PL insurance unable to renew Hiscox.
Post by: memnon on September 06, 2023, 01:55:26 PM
Been insured as a sole trader with Hiscox since 2012. They have now said that they will no longer be insuring me, as Fire Risk is something they are moving away from. Any suggestions for other companies ?
Title: Re: PI and PL insurance unable to renew Hiscox.
Post by: Messy on September 06, 2023, 03:32:45 PM
Worried by this news as I am a customer, I just managed a quote from them in the last few minutes using  - albeit for PI only

So is it just the PL they are stopping?
Title: Re: PI and PL insurance unable to renew Hiscox.
Post by: memnon on September 06, 2023, 06:15:04 PM
No don't think so. I know a few people who they have stopped insuring, but the company insurance appears to be continuing. Are you a sole trader or limited company?
Title: Re: PI and PL insurance unable to renew Hiscox.
Post by: AnthonyB on September 06, 2023, 09:15:04 PM
I've always used Anchorman as brokers who specialise in the FRA field. My PI, PL, efficacy, etc are split between Sutton Specialist Risks & AXA and are still very reasonable with no massive hike. this year. AXA are apparently the only UK underwriter for the fire sector who will do PL of 5 million or higher

I think these horror stories of 100%+ increases are with other underwriters (like Hiscox) who are really just trying to exit the sector.

My only exclusions are FRAEW and pre-build design stage strategies, but include live fires for training and failiure to perform for serviced and supplied extinguishers, but I'm only into the lowest 4 figures for up to 10 million.
Title: Re: PI and PL insurance unable to renew Hiscox.
Post by: Crusher on September 07, 2023, 08:40:32 PM
Just renewed mine with Hiscox, by invitation. PI and PL. Just under ?600. I'm the sole employee in my limited company.
Title: Re: PI and PL insurance unable to renew Hiscox.
Post by: AnthonyB on September 07, 2023, 09:56:28 PM
It does seem like corporate cover is being worse affected than sole traders, my last employer had a 10 fold increase the year before last. I assume they think big companies are more likely to deal with higher risk buildings and in greater number.
Title: Re: PI and PL insurance unable to renew Hiscox.
Post by: memnon on September 09, 2023, 11:13:49 AM
You couldn't make it up.
Just got some quotes via a broker and guess who will insure me. Hiscox, and ?200 less than before.
I did ring and question them and they said that its not a surprise as there so big with different offices/departments, and they confirmed that they would insure me on my brokers quote but not continue with my current one.