OUR NEW PROFESSIONAL INDEMNITY PRODUCT FOR FINANCIAL ADVISERS & MORTGAGE BROKERS!
Dear Broker,
Following our recent launch announcement, we wanted to share a little more depth around the features within our new Professional Indemnity offering for financial advisers and mortgage brokers.
We’ve already had strong early interest, so this note is designed to give you clearer product-level insight you can use in conversations with your clients.
KEY BENEFITS:
Comprehensive Civil Liability Protection
Covers negligence or breach of professional duty, helping protect advisers against core professional risks.
Defence Costs Paid in Addition to the Limit
Defence costs for eligible claims are covered on top of the limit of indemnity (unless otherwise stated), preserving the limit for settlements.
Zero excess on defence costs
The excess is not applicable to any defence costs incurred.
Ombudsman Awards Covered
Provides cover for awards made by ombudsmen, up to FCA’s maximum monetary award or the policy limit (whichever is lower).
Court Proceedings Support
Covers costs for court, arbitration, or adjudication hearings involving any principal, partner or employee
Protection Against Employee Dishonesty
Covers reasonable costs to restore or replace important documents, offering financial support after accidental loss or damage.
Public Relations Crisis Management
Includes up to £50,000 for PR support to protect brand reputation and mitigate operational impact.
Regulatory Expenses
Covers up to £150,000 in regulatory investigation and defence costs.
First-Party Copyright Infringement
Provides up to £100,000 for first-party copyright infringement claims.
Locum Professional Services
Extends cover to professional work carried out by locums, and for your professionals while acting on locums.
Document Restoration Cover
Covers reasonable costs to restore or replace important documents, offering financial support after accidental loss or damage.
MAXIMUM LIMITS AVALIABLE:
- Aggregate limits apply (unless otherwise stated in the schedule or any clause)
- £1m / £1.85m / £2m / £2.25m / £3m / £3.5m / £4m / £4.5m / £5m
- £5m with excess of loss top up facilities
FLEXIBLE COMMISIONS:
- From 15% to 20% as standard
- Negotiable case by case
“Following the announcement of our new PI team lats November, this division has continued to go from strength to strength breaking records in its infancy. The launch of our Financial Advisers & Mortgage Brokers product is an important addition to the Folgate PI suite and reflects our ongoing commitment to supporting brokers with high-quality, dependable insurance solutions. Bringing a product like this to the market requires long term expertise and market leading underwriting to support its growth and profitability.
We remain focussed on investing in our professional indemnity portfolio, our people and our partners to deliver solutions that provide real confidence, real protection and real value.” – Ian Russell – Chief Executive Officer