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Chris to the contrary, insurers sell the fact they insure to X amount which is indicative of the premium, therefore if 98% of premiums are less than £580K (as the SRA say) then surely offering max cover of up to 2 or 3 million pound is misleading or even mis-selling as people simply don't need that much. Also isn't insurance provided on a risk basis or to some degree provided on a risk basis? I take out a premium with a max cover of 2 million? There is therefore a risk for the insurers that they may at one point may have to pay out 2 million pound, therefore the premium is reflective of that risk. Therefore if the maximum payout is reduced, yes the risk of a claim remains but the maximum payout is reduced therefore a reduction in premiums