Collegiate Underwriting – Committed to quality underwriting of Insurance Brokers
All insurance brokers and intermediaries carrying out a regulated activity in relation to contracts of insurance are required to be authorised by the Financial Conduct Authority (FCA). Part of the requirement is that these firms must carry professional indemnity (PI) insurance in accordance with the Insurance Mediation Directive (IMD). The directive states that your policy must have a Limit of Indemnity no less that the sterling equivalent of €1,250,000 available for each claim and, as long as your firm’s relevant income in the last full financial year did not exceed £6,000,000, an overall aggregate limit of Indemnity of no less than €1,850,000 which is not to be eroded by costs and expenses, based on the exchange rate at the inception/acceptance of your policy.
For a quotation
Please download and complete the proposal form on the right, or send a copy of your current insurer’s proposal to [email protected]. If you prefer to speak to the team please call us on 020 7459 3456.
- Direct contact with the underwriter
- Full FCA compliant cover
- Limits of Indemnity up to £5 million
- Cover for loss of documents, up to the full limit of indemnity
- Cover for fidelity
- Compensation for court attendance
- Cover for Binding Authorities, where agreed
- Cover for Appointed Representatives, where agreed
- Cover for awards made by FOS Industry leading claims service
- A-(Excellent) policy security
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.
Runoff is an annually renewable policy, the premiums will usually reduce each year to reflect the reducing exposure to insurers.