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Can I accrue for PI Insurance increase?

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I am just dealing with a pensions advisor. Their insurance premium has increased from £6000 per year to £30000 per year just after the year I am dealing with. The premium has increased due to the type of advice given, on cashing in occupational schemes. This advice has not been given for a while following industry standard and not since the business year end. Can I accrue for any of the increase in PI cover? I would never have considered this before but the increase is specifically due to the one type of work that is now not done, can we get the matching concept to work? Thanks for your thoughts.

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09th Dec 2019 10:46

I can't make head or tail of your question. Why would you need to accrue for it, seeing as insurance is payable in advance?

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Hallerud at Easter
09th Dec 2019 11:06

Why are they paying insurance for an activity they no longer do is the big question?

Is it some form of run on cover re the activity they did in the past?

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By Red Leader
09th Dec 2019 11:54

And the most important point: will they be able to afford your fee, given they are now £24k worse off?

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By 356B
09th Dec 2019 11:58

If the premium is adjusted in arrears after an annual declaration is made, then yes you can accrue for the additional premium (when it's known).

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