|
|
Article: Mortgage brokers face massive PI rise.
- Article from:
- Money Marketing
- Article date:
- December 20, 2007
CopyrightCOPYRIGHT 2007 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Mortgage brokers could see their professional indemnity insurance premiums quadruple in the new year as a result of uncertainty in market conditions.
Industry sources suggest that mortgage brokers, who currently can get PI cover for around #200 a year, will have to pay as much as #800 next year.
One source says some mortgage brokers have been declined cover and one client was charged over 30 times the premium paid previously.
Law firm Browne Jacobson considers that the sub-prime and impaired- credit markets will have the greatest number of claims next year.
Collegiate underwriting director Richard Turnbull says with the recent FSA ...