With over 25 years’ experience in the Insurance Broker Professional Indemnity market we uniquely positioned to support our fellow insurance brokers.
Our Insurance Broker book been developed over the years into a secure and profitable book of business for our insurer partners, enabling us to offer competitive premiums with civil liability wordings.
If your client claims against you for an alleged error in your advice, failure to act on instruction, or problems with your recommendations, having the right insurance protection in place is essential.
In accordance with Chapter 3 of the MIPRU You should have:
- continuous cover since the start of your firm’s authorisation with a minimum limit of indemnity of
- 1) for a single claim, €1,300,380; and (2) in aggregate, the higher of: (a) €1,924,560; and (b) an amount equivalent to 10% of annual income (this amount being subject to a maximum of £30 million).
- a policy excess (retention) that is no higher than the minimum level specified
- For a firm which does not hold client money or other client assets, the excess must not be more than the higher of: (1) £2,500; and (2) 1.5% of annual income.
- For a firm which holds client money or other client assets, the excess must not be more than the higher of: (1) £5,000; and (2) 3% of annual income.
- cover in respect of Financial Ombudsman Service awards made against the firm
