Collegiate Underwriting – Committed to quality underwriting of Finance Brokers

 

At Collegiate we have developed a dedicated professional indemnity (PI) policy for Finance & Commercial Finance Brokers. Collegiate have been providing PI solutions for over 30 years and have an unrivalled experience managing and defending claims in the financial services industry. Market pressures mean that clients are becoming more litigious. Our bespoke policy protects Finance Brokers and their clients in the event that the client sues for compensation following the service provided by a broker to a client. As well as providing cover for the core activities associated with finance broking, the Collegiate policy will also include cover for Insurance mediation if you hold the relevant FCA permissions. Cover is provided on an aggregate basis with costs covered in addition to the sum insured meaning the amount of cover you have is not eroded by costs we incur when defending you against an allegation. Limits of indemnity are available from £100k up to £3 mil, excesses start at £750. Unlike some providers the excess on your Collegiate policy is not usually applicable to defence costs. This means any legal costs incurred to repudiate or manage the claim will not be subject to a policy excess saving you even more money.

For a quotation

Please download and complete the proposal form on the right, or send a copy of your current insurer’s proposal to underwriting@collegiate.co.uk. If you prefer to speak to the team please call us on 020 7459 3456.

Benefits

  • Direct contact with the underwriter
  • FCA & MCD compliant cover
  • Cover for loss of documents, up to the full limit of indemnity
  • Cover for fidelity
  • Cover for Appointed Representatives. (where declared to and accepted by us)
  • Cover for Binding Authorities (where declared to and accepted by us)
  • Cover for awards made by FOS
  • Compensation for court attendance
  • Industry leading claims service
  • A-(Excellent) policy security

Document Centre

Proposal Form
Policy Wording
Professional Indemnity Explained
Runoff FAQ

Runoff cover

All PI Insurance is on a claims made basis, that means you must have an active PI policy at the time a claim or allegation is made against you. It is important to remember that once a PI policy expires you can no longer make any claims against it. Therefore you need to consider maintaining your PI insurance once you cease trading. This is called Runoff Insurance and provides protection against any claims which may arise from work you undertook in the past. Some professional Institutions require their members to carry Runoff insurance.