At Simcox Brokers, we can arrange Professional Indemnity insurance (PII) for Insurance Brokers.
The Financial Conduct Authority requires insurance brokers to have a minimum limit of indemnity, which is €1,250,000 any one claim and, the higher of, €1,850,000 in the aggregate or an amount equivalent to 10% of annual income (this amount being subject to a maximum of £30 million).
As an independent broker we have built strong working relationships with a wide panel of specialist insurers and Lloyd's of London syndicates and can assist you throughout the application process, helping best present your firm to the insurers and fully supporting you in the event of a claim.
*Limits are correct as of February 2021, please note that limits may change and we advise you check with your regulatory body to ensure you have the correct requirements at the time of taking out your policy. Please note, you are required to take reasonable steps to meet claims arising from professional business. Although the regulations do not require more than the above cover, this limit may not be adequate for your firm.
We are here to support your business.