At a time when the PI market is just about as confusing as it has ever been, talking about Miscellaneous PI appetite can be a particularly tricky business.
Even the name ’Miscellaneous’ provides little clue as to what an insurer is keen to put on their books, with discussions on risk appetite often descending into an underwriter’s list of high-risk activities that they are more cautious on or don’t want to insure. This can leave brokers still scratching their heads, wondering where to go with an enquiry when all they seek to do is find the right solution for the client and make sure they aren’t wasting time presenting the wrong risk to the wrong market.
‘Miscellaneous’ has always been a broad church when it comes to business activities, with policyholders covering the spectrum from Archaeologists to Zoologists and everything in between. They are all specialists in their field.
The MPR Specialist offering is a more appropriately named product and covers a vast range of professionals with the presumption that no risk is the same. Activities and exposures can vary greatly, as can the appropriate risk management regimes. They do however, all have one thing in common. They provide a service, and the provision of that service can be called into question, rightly or wrongly, at any point, particularly in more challenging economic conditions.
The good news is, in our opinion, there is no such thing as a ‘wrong risk’ when we are considering Specialist risks and all good risks should find a home. By finding an insurer willing to discuss the risk, the activities, and the way the client approaches their business, it will help facilitate the best possible solution, providing a level of flexibility for unusual or unorthodox risks so the contract can be tailored to suit the activities of each individual client.
Simply discussing the activities with an underwriter and encouraging the client to fully explain how their exposures are mitigated ought to be easy enough, but this has often been overlooked, particularly during softer market conditions. Direct access to underwriting decision-makers has also become increasingly difficult as service levels continue to come under pressure.
So, if you need someone to talk to, pick up the phone to the team at MPR.