Mortgage, Loan & Non-investment Insurance Contracts PI
This product is specifically designed for Mortgage & Finance Intermediaries that also conduct Non-investment insurance contract activities. It is not suitable for Independent Financial Advisers. Professional Indemnity insurance covers you for compensation you have to pay to your clients because of problems with your work.
We will cover professional activities relating solely to arranging, bringing about or giving advice regarding Mortgage/Loan products in the United Kingdom as declared in the proposal form. Cover does not include any activity whatsoever relating to any other Financial/Loan product whether regulated by the Financial Services Markets Act 2000 or not and regardless of whether or not the product is advised upon in conjunction with the mortgage loan unless we have agreed to extend cover to include the selling of Non Investment Insurance Contracts.
Non Investment Insurance Contracts covers the sale of regulated non investment personal lines insurance that is not purchased for any trade or profession. This only includes buildings insurance, contents insurance, accident sickness and unemployment plans, personal accident, private motor and private motor GAP, individual or family travel insurance, pet insurance, individual let property insurance arranged on residential properties, non investment life and pure protection business which means term assurance, family income benefit, critical illness (CI), private medical insurance (PMI), permanent health insurance (PHI), non investment premium backed long term care insurance and death in service (DIS).
The limit of indemnity you choose will cover legal defence costs and any subsequent damages awarded against you. It may also pay for mistakes to be corrected and reimburse you for fees incurred in defending a claim. The limit of indemnity provided will be on an aggregate limit basis. This means that the insurance will respond to unlimited numbers of claims but only up to the aggregate limit of indemnity stated on the schedule of insurance. You can rest assured that our cover meets FCA requirements.
Key benefits include:
- Minimum premium £200
- Limit of Indemnity up to £3,000,000 available
- Industry specific protection for liabilities and negligence acts including libel, slander and defamation
- Loss of documents up to £5,000
- Data Protection Act breach cover up to £50,000 in total during the period of insurance
- Financial Ombudsman Service cover up to £150,000 any one award
- Dishonesty of employees cover up to £100,000 any one claim
- Loss of documents cover up to £100,000 in total during the period of insurance
- Mortgage self-certification
- Change in interest rates
- Libel, slander or defamation
- Court attendance costs up to £10,000 in total during the period of insurance
Acceptable areas of trade include:
Various mortgage and loan activities are acceptable (subject to criteria):-
- Full status residential mortgages
- Interest only mortgages
- Sub prime residential mortgages
- Equity release / home reversion mortgages
- Self-certification mortgages
- Secured loans
- Unsecured loans
- Buy-to-let mortgages / Commercial mortgages
- Islamic law compliant mortgages
Please contact our dedicated helpline 0800 197 5515 to discuss your requirements or complete the Request a Call Back form and one of our team will contact you.
The above cover and limits are based on our products only. In certain circumstances we may seek terms from alternative markets and we will set out our recommendations to you based on our assessment of your requirements.