Potential liabilities that arise from offering a financial service can be severe. Each firm or financial institution is different and purchasing adequate financial services insurance to meet your regulatory requirements and protect your company's interests is paramount.
Financial service companies face a unique range of risks, which is why they need bespoke insurance solutions designed to offer protection against a range of liabilities. We work with a wide range of financial service insurers which can accomodate a range of activities, including investment managers, banks, fintech companies, private equity firms, mortage brokers, and financial planners.
Managing an FCA regulated firm carries a variety of risks and maintaining adequate financial services insurance is a necessity. Typically, you will be required to hold minimum levels of professional indemnity insurance to carry on your activities.
If you are currently undergoing FCA authorisation, we can identify financial services insurance for your application. Then when you need to incept cover and provide evidence to the FCA, we can do so at the appropriate time.
A copy of your regulatory business plan, which identifies risks to your business, financial projections, together with CV's of the principals, will form part of the underwriting process for recently approved providers.
Cover available under financial services insurance provides a 'safety net' as part of your overall risk management strategy to protect your clients, third parties and your interests. Typically, professional indemnity, directors and officers, cyber insurance, crime insurance, and office insurance are the most common policies purchased.
Negligence and breach of professional service remains an important consideration, and may be required by the regulator to operate.
Cover for the individuals on the board and your executive team is paramount when making difficult decisions and navigating regulations.
Operating in the digital world means cyber and crime insurance for financial service companies remains a highly sought after protection.
We can arrange specific insurance for both the investment managers and the funds that they are responsible for. This can include cover for civil liability, directors and officers liability, associated legal defence, settlement and investigations costs, regulatory costs, mitigation costs cover, damage to reputation, extradition proceedings, and key person insurance.
We can arrange market leading directors and officers insurance providing crucial protection to the company and it's management against claims of wrongdoing from various parties including; shareholders, employees, competitor companies, and the government.
Financial institutions have to operate within a framework of complex laws, rules and regulations, which increase the potential for loss and consequent litigation. We can assist with arranging civil liability insurance, that protects the financial institution and their employees against claims arising from the performance of or failure to provide professional services.
Professional indemnity for financial advisors continues to be challenging as a result of expensive allegations across the industry and the FCA's decision to increase the Financial Ombudsman Service (FOS) award limit. With a limited number of carriers operating in the financial planning space, identifying alternative cover can be challenging. However, for firms that spend the time to provide a full underwriting submission we are happy to undertake a remarking exercise.
We can accommodate a range of fintech company insurance requirements, including digital banking, money transfer, trading, investments, lending, and payment initiation services. Modular policies can provide the flexibility to choose the covers that your business needs, including professional indemnity, directors and officers, crime and cyber cover.
We can arrange specific insurance for private equity, venture capital, or hedge funds. The policy can cover for the legal liability of directors and officers to the company and shareholders. It also protects the company’s legal liability to its employees, investors and customers in carrying out its investment activities.
It's prudent to benchmark your current financial services insurance against a program put together by a competing broker. The process may not be as time consuming as you may think. and could save your business thousands of pounds.
New enterants to market and changing risk appetites means there are plenty of opportunities to identify the policy protection you require for the business and your director's insurance at cost-effective premiums.
Policy terms and conditions will typically be negoiated on a case by case basis. We however, have amble experience working on behalf of firms and financial instiutions to negoiate the most favourable cover.
There are a wide range of insurance covers for financial service providers. Below we take a look at additional covers that are purchased alongside the typical professional indemnity, D&O insurance, and cyber crime insurance.
Employers liability, public liability, in addition to protection for your computer equipment and office contents can be easily arranged.
Protection for your employees and directors when they travel abroad or at home in the UK on behalf of the company should be considered.
A critical illness insurance policy taken out to protect the life of a key employee or executive can offer the company and investors comfort.