Professional Indemnity Insurance for Financial Advisers

• You will be assigned a dedicated client manager, who will be there to provide advice and to help you from start to finish.
• Our experience as a broker means we can be confident in our ability to arrange your insurance.
• We consider ourselves specialists in your sector - we understand the industry and appreciate the challenges you may face on a daily basis.
• Policies compliant with the Financial Conduct Authority (FCA) requirements
• Support with claims when needed

In addition to arranging PI insurance, we also offer access to a range of other insurance products including:

• Office insurance (if you work at a business premises or at home)
• Cyber insurance (for professional firms)

The below product summary provides an overview of the policy cover:

• Civil liability cover – designed to exceed the minimum insurance requirements of the FCA
• Cover for losses caused by the financial failure of an insurer and/or institution where the loss arises from a negligent act, error or omission
• Excess not applicable to defence costs and expenses unless otherwise amended by endorsement
• Loss mitigation costs coverage
• Financial Ombudsman service awards
• Cover for actual or alleged reckless, dishonest, fraudulent, criminal or malicious act or omission of an insured party, other than in respect of cover for that insured party
• Criminal prosecution from an alleged breach of statutory duty
• Investigation costs and regulatory awards
• Loss of documents or data
• Unintentional breach of copyright, patent, or intellectual property rights
• Libel, slander and defamation
• Cyber liability cover
• Compensation for court attendance cover
• Current and former businesses covered
• 60 days cover for acquisition
• Cover for your liability under a joint venture/consortium
• Cover for secondments to another firm or company
  

There are exceptions and limitations for every type of insurance cover. Aon will discuss any exclusions or limitations that may apply to your policy as part of the quotation process.
Please see our privacy policy for details of how we will use your data.
To get a quote, download our proposal form.

Professional Indemnity insurance provides cover should a third party suffer a financial loss as a result of your professional error, omission or negligence.

For firms that fall under the Insurance Distribution Directive (IDD), the minimum levels are set out in Euros as follows: €1,250,000 for a single claim and €1,850,000 in the aggregate For UK Based firms, these minimum requirements are translated into sterling and must be met at the date of purchasing the policy and at the date in which their policy incepts or renews.

If your excess exceeds £5,000 or if you have exclusions in your policy for activities that your firm is or has been involved in then please refer to the FCA handbook (https://www.handbook.fca.org.uk/handbook/GENPRU/2/1.html) for information regarding this.

Every insurer in the market will have their individual proposal form and completing these can sometimes be a challenge. They can require data since trading which of course can cover many years. Our advice would be to complete these forms with as much detail as possible and ensure accurate disclosure of information at all times.

In the event of a claim, notify your client manager who can guide you through the process as soon as possible.

Please include all complaints ever received, even if these cases were not upheld or you believe your firm was not responsible. These cases should include the claimants name, date of complaint, reason for complaint, amount claimed, current status, if a reserve is held by your insurers and any supporting comments you feel necessary.