Marketing and Media Professional Indemnity Insurance
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Professional indemnity insurance indemnifies you from the legal liability and legal defence costs you may incur as a result of breaching a duty of care to your clients. Professional Risk Solutions are able to provide you with Mortgage Brokers Professional Indemnity insurance that meets your requirements in this regard. Our facilities start from premiums of £190.00 per annum, plus Insurance Premium Tax, yet are flexible enough to cater for sole practitioners through to much larger firms. |
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The Financial Services Authority requires that all mortgage intermediary firms registered with FSA ensure that they have adequate financial resources to meet claims made against them in respect of breach of professional duty by the Registered Firm or by any of its partners, directors, employees or Registered Mortgage Advisers. In support of this FSA requires every Registered Firm to take out and maintain in force Professional Indemnity Insurance in accordance with certain requirements.
The guidance deals with –
Exemptions & Waivers
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Choice of Insurer
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Relevant Business to be insured
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Geographical Limits
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Period of Insurance
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Scope of Policy Cover
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Limit of Indemnity
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Self-insured Excess
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Certification of Cover
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Notification of Changes in Cover
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Production of Policy
COMPLIANT POLICY FROM Professional Risk Solutions - For Mortgage Intermediaries, Firms and Individuals
WHAT IS REQUIRED - COMPLETE THE PROPOSAL FORM AND RETURN THIS WITH A COPY OF YOUR CONSUMER CREDIT LICENCE– (GO TO LINK ON THIS PAGE)
EXTREMELY COMPETITIVE QUOTATIONS WILL BE SUPPLIED BY RETURN - Download Proposal and Premium
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Is for FSA regulated Mortgage activities with the option to include Buy to Let, Commercial, Secured Loans, General Insurance and Non Investment Life business. |
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Is for Pure Mortgage Packagers (not satellite packagers) providing business to consumer facilities or business to business support administration. |
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Is for businesses that have ceased to trade / joined networks and no longer require PI cover to meet regulatory requirements but need cover for past activities. Please note this can only be used for current Towergate Lifestyle PI policyholders. |
THE PROPOSAL FORM AND MATERIAL FACTS
We need to get to know you; your insurer needs to get to know you. The more information you give us, the better we know you.
Frankly a brief proposal form might be attractive to you in terms of the time it takes to complete, but they can prove dangerous.
YOUR CLAIMS HISTORY
Best to start tracking this from the moment you have a notification because the more information you are able to give to a prospective insurer, the better. Once prepared you don’t have to prepare it again – only update the information as the matter progresses! Brief summaries of incidents from memory leave open the possibility for omission; for example it would be helpful for you to explain to us significant details such as…… insurers felt you had a valid defence, however settled for commercial reasons - you might even have something to this effect on your file. If you move away from an insurer, ask them to prepare a confirmed claims experience for you. These are helpful and often difficult to obtain later.
RISK MANAGEMENT
Not to be underestimated. Professional Liability Risk Management has met its day and it applies to all of us. It’s quite simple but will not happen overnight. It concerns everybody in the firm and the administrative procedures as well as technical know- how. In a nut shell it basically relates to a careful review of how you all do what you do; a consideration of what could go wrong with your work in each area; a careful examination of any near-miss and the implementation of realistic measures over a period of time that will actually help to minimise the possibility of circumstances and claims from occurring.
You have the resources of your Professional Body and other links to draw on - Professional Risk Solutions will also be pleased to assist clients in this area.
COMPLETE A PROPOSAL FORM OR CONTACT PROFESSIONAL RISK SOLUTIONS TODAY FOR FURTHER DETAILS
If you have already completed a proposal form, or a renewal form, you may submit that to pii@blackfriarsgroup.com or by fax to 0845 838 7966 or by mail to Blackfriars Group, 6 Congleton Road, Sandbach, Cheshire. CW11 1HN.