Collegiate Underwriting – Committed to quality underwriting of Secondary Intermediaries
Secondary Intermediaries are defined by the Financial Conduct Authority (FCA) as ‘firms that conduct general insurance, but not as their main business activity’. Secondary intermediaries include firms such as car showrooms, mobile phone companies and vets selling some form of insurance as a secondary line of business.
Other Secondary Intermediaries may include
- Affinity groups, sports and social clubs and associations
- Antique dealers/Jewellers
- Doctors, dentists
- Electrical retailers
- Employers & trade unions
- Housing associations & property managers
- Property associations
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 £3 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
Some secondary intermediaries such as motor dealers may also offer a financing service. We are able to offer FCA compliant cover for both the insurance mediation and the finance broking. Please complete a Finance Brokers proposal form rather than a secondary intermediaries form if cover is required for both elements.
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.