Tenet has announced its permanent Personal Indemnity Insurance run-off cover policy will now be extended to all adviser firms.
Tenet initially released the policy during 2012 in the run up to RDR in order to support advisers leaving the industry or selling their practice. The solution was also offered to past members and will now be further extended to all adviser firms allowing a much greater degree of future risk mitigation.
The network said, with a growing claims culture fuelled by claims management companies who employ blanket marketing campaigns, advisers are becoming increasingly concerned regarding legacy liability.
Aimed initially at advisers planning to retire or sell their business, Tenet will now offer the solution to all adviser firms and allow them to pay for the premium on a monthly basis, over an agreed period of time.
From last September, advisers who left the network have been able to pay a lump sum premium in return for guaranteed indefinite cover.
Keith Richards, group distribution & development director at Tenet, said: "Based on the average cost of an annual renewal, it is available for the equivalent of just two years' premiums."
"That makes it an eminently affordable alternative to renewing every 12 months and will provide complete peace-of-mind for the future, given that advisers are not protected by a longstop afforded to other professions.
"It also means that those seeking a buyer for their business can calculate the total cost of cover up-front and build it in to the overall package," he continued.
