PI insurance costs soar

The dealer group has sent out 2021/22 PI renewals for members, with insurance costs "significantly different to previous years". 

Advisers operating under the NZFSG FAP will need to pay between $2,500 and $2,600 each for PI coverage over the next year, according to a document seen by TMM Online.

The insurance premium depends on final policy limits and options taken. 

Advisers with their own FAP licence will face much higher costs, starting from $4,100. Those with their own licence will see their premiums calculated via a proposal form, with advisers able to pick an indemnity coverage limit.