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Professional Indemnity - Second Tier Intermediaries Liability Insurance
Since January 2005, new regulations set out by the Financial Services Authority (FSA) have governed all firms that transact general insurance activities in the UK. These far reaching regulations not only affect those traditional general insurance advisors (first tier intermediaries) but also those firms that transact insurance business as a secondary activity (Second Tier Intermediaries).
The QBE Second Tier
Intermediaries Liability policy provides the perfect solution for those firms that seek to continue transacting business and meet the FSA regulations.
QBE's Second Tier Intermediaries Liability insurance policy has been specifically developed to provide cover for those firms who have gained permission from the FSA to conduct regulated activities. The policy has been tailored to the specific needs of second tier intermediaries. Indemnity is provided to Insured’s for claim or loss arising from the conduct of insurance mediation activities, cover is not only provided for authorised firms but also appointed representatives under their control.
Business Targeted
- Motor Dealers and car hire firms
- Freight forwarding companies
- Travel agents
- Electrical appliance retails / mobile phone sellers
- Shop retailers
- Jewellers / antique dealers
- Firms with direct authorisation from the FSA for insurance mediation activities
Firms that transact insurance mediation activities as a secondary activity to their main business
Underwriting Criteria
A fully completed QBE Second Tier Intermediaries proposal form
Policy Details
The policy cover includes;
- Civil Liability Operative Clause
- Breach of confidentiality
- Breach of copyright
- Dishonesty of Employees
- Ombudsman awards (sub limit £100,000)
- Libel and Slander
- Loss of Documents
- Bodily Injury / Property Damage arising from Insurance Mediation Activities.
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