Commercial Finance Brokers Professional Indemnity Insurance

Professional Indemnity Insurance is vital for any Financial Services professional but in particular FCA regulated firms needing cover to fulfil their regulatory obligations.  Cover is suitable for Commercial Finance Brokers, Credit Brokers and Asset Finance firms needing cover to meet their trade association membership requirements or other contractual responsibilities as well as to protect their business from increasing numbers of claims. Cover is suitable for FIBA members.

PI cover for Finance Brokers will provide levels of indemnity flexible enough to manage your income and risk requirements and is available from £100,000 up to £2 million in the aggregate, which is more cover than specified under most trade association requirements. You can of course request higher levels of cover by calling us but there will be additional queries raised with you in respect of this.

However as cover holders we are looking to work with low risk Intermediaries with a good standing in the market, who work within their trade association rules and compliance requirements, who are free from complaints and which will be reflected in the quality of cover and the premium levels offered.

In all we understand the needs of the FCA regulated and non regulated Finance Intermediary and the necessity to work with Insurers who have the desire to support the financial markets, which of course have been the subject of bad publicity over the last decade.

We won’t provide on-line quotes for this class of business just yet but you can download an application form and submit to us by fax, post or email to obtain a quotation.

Cover Details »

Finance Brokers PI Insurance includes:

  • Cover for claims arising from errors, omissions or professional services carried out by you.
  • Cover for awards made by the Financial Ombudsman Services.
  • Libel, Slander, Defamation
  • Breach of data protection
  • Loss of clients documents
  • Court attendance costs – if you have to attend any court hearings in connection with a claim
  • Employee dishonesty – loss of money or property (other than that of employees) as a result of an employee’s dishonesty.
  • Cover for costs incurred for representation at tribunals and hearings.

If you are purchasing any Insurance on-line, you should make a determined effort to carefully read the documentation sent to you.  Professional Indemnity policy wordings can differ widely and you should always refer to your policy schedule, take note of any significant exclusions in the summary of cover and read the policy wording in detail to establish that cover is suitable for your business needs but just as importantly that your business can also meet the policy terms and conditions.