Brokers' block notification guidance provided by the Court

The Court has provided guidance on making block notifications to PI insurers, in a key area relating to broker's professional liability exposure.

In Ocean Finance & Mortgages Ltd v Oval Insurance Broking Ltd, the Court was asked to apportion liability between brokers arising from a failure to advise the insured entity to make a block notification about systemic PPI mis-selling to their Insurers – providing a useful illustration of the problems that can arise if a proper notification of circumstances is not made to the correct PI Policy.

The decision is discussed in more detail in our Financial Services Blog, which can be found here.