Beware: Buried PI clauses exempt historic DB transfer work from cover

Nick Plumb's advice firm Plumb Financial Services carried out defined benefit (DB) transfer work for two and a half years. The firm's advice was insured with Collegiate and Plumb had become used to paying higher prices year-on-year, including at its most recent renewal when the cost of the insurance increased by some 30%. What he did not realise, however, was the firm was no longer covered for any DB transfer activity going forward - nor any transfers it had carried out historically. 'Big chance PI for DB transfers will disappear' - Nigel Chambers "[Collegiate] didn't bring it t...