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Left at the altar by Mr Unrated

We must protect firms from unrated insurers, says Clive Sutton

13 September 2013

The professional insurance indemnity premium is probably the largest expenditure of any small practice. Like marriage it is not something "to be entered into lightly or wantonly".

For some who are left waiting ?at the altar because of an unfortunate previous affair, Mr A Rated may not be immediately available. For many sole practitioners a significant difference in premium is the difference between a reasonable income and just subsisting.

However there comes a point when discerning members of the profession need to realise that once left at the church by Mr Unrated, it is imprudent to remain with him or indeed his replacement friend who steps into the breach.

It was very understandable that in the absence of reasonably priced insurers like Quinn sole practitioners turned to unrated insurers, because of course all approved insurers are FSA approved and guaranteed. However, if such an insurance company, in this case Balva is unable to continue, and a ...

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