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I think the level of cover at £2M/£3M is a bit of a red-herring...

Frank Maher has made the point previously that for an 'average' high street firm not handling commercial work, the 'extra' PI premium you have to pay for cover over say £500,000 is actually pretty small.

Who wouldn't want at least £500,000 of cover these days - even doing fairly routine work...?

It's the minimum terms that are the real problem for insurers - get rid of say liability for fraud, and there could be some big savings to be made...