Professional Indemnity - Insurance Brokers & IFAs
Firms vary dramatically in size and services, from small sole practitioners offering specialist services to multinational publicly quoted Lloyds brokers offering a multiplicity of insurance related services.
With effect from 14 January 2005 the insurance industry has been regulated by the Financial Services Authority (FSA). Under their regulation it is now a mandatory requirement that professional indemnity insurance be purchased and maintained in accordance with their rules. Details of these rules are available on request.
What do Insurers look for?
First and foremost evidence of FSA registration. No insurer will provide cover to a non regulated broker. Secondly qualifications or relevant experience. If a broker is unqualified (ACII/FCII) then insurers will want to see a c.v., normally demonstrating at least 5 years relevant experience.