AIO's professional indemnity insurance provider withdraws from market
The association is considering offering a new policy later in 2019
The Association for Independent Optometrists and Dispensing Opticians (AIO) is no longer offering a professional indemnity insurance policy after its provider withdrew from the market.
Secretariat lead at the AIO, Mike Ockenden, said that the professional indemnity insurance market at Lloyds had become very difficult for all professions.
“A number of insurers decided to exit the market including the insurer that provided our policy,” he highlighted.
Mr Ockenden said that the AIO Council will consider offering a new policy later in 2019.
“We believe that there is still an appetite for professional indemnity insurance that covers independent practices rather than for individual professionals,” he shared.
AOP finance director, Wendy Andrusco, said: “This development illustrates the challenges facing small providers within today’s insurance market. However, members should be reassured that the AOP maintains a dominant position within the sector.”