The statement that the majority of small licensees are meeting their PI obligation is farcical given that the vast majority when requesting cover ask for "the lowest premium possible". When asked what do they want the answer in the majority of cases is "the cheapest".

It is even becoming very regular that the licensees are asking for quotations on larger and larger excesses so as to reduce the premiums. This does not ensure protection for the consumer.

Recently excesses of $500,000 any one claim was requested by a company with $1 million turnover. What is the regulated formula for complying cover please.

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