Insurance brokers PII · London

PI insurance broker for London insurance broker firms

Reviewed by Matthew Bartlett, Director, Apex Insurance Brokers Limited (FCA FRN 724952) · Published 14 July 2026

Apex places PI insurance (own-PII) for insurance broker firms across the UK including London. This page sets out how we approach broker-firm PI placements.

Serving London insurance brokers

  1. MIPRU 3 compliance for own-PII cover.
  2. Consumer Duty implementation expertise.
  3. Wholesale market access for larger and specialist broker firms.
  4. Named-broker model.

MIPRU 3 framework

  1. MIPRU 3 sets PII minimums for FCA-authorised broker firms.
  2. Broadly €1.3m per claim / €1.9m aggregate (FCA sterling equivalents).
  3. Higher standards for firms handling client money or delegated authority.
  4. Consumer Duty applies fully to retail-facing broker activity.

Frequently asked

Do London insurance broker firms need own-PII?
Yes. MIPRU 3 requires it for FCA-authorised firms. Confusingly, brokers need their own PI cover just like any other regulated firm.
How much does insurance broker own-PII cost?
Highly variable with firm scale. Small firm typically mid four figures; larger firms in five figures. Client-money handling attracts higher.
Do we handle delegated-authority PII?
Yes. Delegated authority activity attracts specific rating and wording considerations. Specialist broker input essential.
What about wholesale and coverholder PII?
Standard MIPRU 3 covers broking; specific extensions for wholesale and coverholder activity may be needed.
Does Consumer Duty affect our own PII?
Yes. FCA-authorised brokers face Consumer Duty in their own activity. Own-PII underwriter asks about implementation.
Can we hold PII with the same insurer we place clients with?
Sometimes; sometimes not commercially sensible. Insurers may restrict own-PII placement for competitive reasons.
What about run-off if we close?
MIPRU 3 requires adequate cover for ongoing tail. Typically 6-12 years post-cessation.
Do you handle AR-firm own-PII placements?
AR firms typically covered by principal firm's PI. Supplemental own cover sometimes prudent.

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