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- Fellow PM.Dip
- Practice Licence
- 115 posts
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My policy with Trafalgar is nearly up and I almost made the mistake of renewing - they've done a deal with the ICB and offer members a discount and this is my second year so I'm bound to get a good deal, right? Wrong, I searched around and they are by far the most expensive on the market. I got the same level of cover for the same turnover for half the premium they charge with RSA.
Mike
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Email Trafalgar direct with your cheapest quote as the will price match. They did with me.
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I have had quotes from Trafalgar in the past which have always been significantly more expensive than my current insurer.
Great that they match quotes, but surely they should give us a better deal in the first place?
Claire
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- Fellow PM.Dip
- Practice Licence
- 24 posts
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I also need to renew my cover with Trafalgar in the next couple of weeks but wondered if the ICB were able to negotiate any good rates with them or is it a matter of us all having to trawl through lots of other providers and contact Trafalgar to see if they can match it?
To be honest, I dont really have the time to do this so will probably just renew and save myself the worry.
What do the ICB think on this matter?
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- Fellow PM.Dip
- Practice Licence
- 115 posts
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When my policy expired Trafalgar did not offer any 'price matching' instead they just bombarded my inbox with incessant reminders.
I found professional indemnity insurance with another provider at half the price they quoted for my renewal- if they have such a good deal with the ICB then why didn't they offer their best quote in the first place?
I've always been suspicous of companies that offer 'price matching' - they quote an over-inflated price, so you research the market and find a better rate, why on earth would you bother to go back to them unless they were prepared to beat that price? After all you've done the market research for them in finding the correct market rate for the services they offer and next year you'll be in the same position.
Mike
Edited at 22 Mar 2012 09:53 PM GMT
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- Fellow PM.Dip
- Practice Licence
- 24 posts
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I notice now that Trafalgar Risk Management who used to sell the PI cover are now not offering the service and that a new company - Trafalgar Insurance Company - are now the people to go through. They are authorised and licensed by the Guernsey Financial Services Commission and I have no idea if this is of any significance to us in England....probably not but thought I would flag it!
They also state that the policy wording has changed a bit and advise you to read through the policy which obviously one would, but I wondered if the ICB were aware of all this and if they had read through the new wording and if they had any thoughts on it being licensed by the Guernsey FSC?
Do the ICB still have some kind of arrangement with the new company to offer good quotes for cover?
Do the ICB have any thoughts on this?
As the insurance is being provided by a new company you are viewed as a new client rather than one a renewal which is all making it more likely that I will seriously look at moving to another provider.
Does anyone have any suggestions on other companies to try or any thoughts on this whole matter?
Thanks, Claire
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- Member PM.Dip
- Practice Licence
- 66 posts
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Claire10353said:
“I notice now that Trafalgar Risk Management who used to sell the PI cover are now not offering the service and that a new company - Trafalgar Insurance Company - are now the people to go through. They are authorised and licensed by the Guernsey Financial Services Commission and I have no idea if this is of any significance to us in England....probably not but thought I would flag it!
They also state that the policy wording has changed a bit and advise you to read through the policy which obviously one would, but I wondered if the ICB were aware of all this and if they had read through the new wording and if they had any thoughts on it being licensed by the Guernsey FSC?
Do the ICB still have some kind of arrangement with the new company to offer good quotes for cover?
Do the ICB have any thoughts on this?
As the insurance is being provided by a new company you are viewed as a new client rather than one a renewal which is all making it more likely that I will seriously look at moving to another provider.
Does anyone have any suggestions on other companies to try or any thoughts on this whole matter?
Thanks, Claire”
I only renewed my PI with trafalgar risk management last month and they are still advertising and are set up with ICB and other accountancy organisations. There are a few insurance companies out there with the trafalgar name incorporated worldwide! so be careful who you have logged on to!
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- Fellow PM.Dip
- Practice Licence
- 24 posts
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Thanks Paul. This information was on my renewal email.
I have emailed Trafalgar direct and hopefully we will also get a response from ICB.
Claire
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- Fellow PM.Dip
- Practice Licence
- 24 posts
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Thanks James.
I have had a response from Trafalgar and am no clearer really and I need to renew by early April.
If you have any luck could you let me know what you think as I may just have to go ahead with it but would like the backing of the ICB for the new company.
Thank you, Claire
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- Member PM.Dip
- Practice Licence
- 44 posts
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Claire10353said:“I notice now that Trafalgar Risk Management who used to sell the PI cover are now not offering the service and that a new company - Trafalgar Insurance Company - are now the people to go through. They are authorised and licensed by the Guernsey Financial Services Commission and I have no idea if this is of any significance to us in England....probably not but thought I would flag it!
Hi Claire
I've just checked out the web site of the provider of my PI insurance (I use Trafalgar) and they definetly appear to still be Trafalgar Risk Management (TRM), and they are based in this country (as confirmed by companies house). They are still offering PI specifically tailored to ICB members.
Is there any chance that your renewal email was from a comapany who had gained your details and were falsely claiming to be TRM?
Trafalgar Risk Management (the company that the ICB recomends) use the website address of www.trafalgar.uk.com. Their main address is in Eastcote, and they have a contact address in Lloyds House. It is who I'm insured with and I am very happy with both the cost and cover provided.
Lucy
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