Investment Managers Professional Indemnity Insurance
We`provide investment managers professional indemnity insurance quotes and cover, at highly competitive rates from our panel of leading professional liability and professional risks insurance providers in the United Kingdom.
Why does an investment manager need professional indemnity insurance?
Like all those providing professional services, investment managers provides a service that comes with an expectation of a certain level of professionalism and specialist knowledge. When things go wrong the investment manager may well be held to account for any financial losses with legal action and investment managers professional indemnity insurance is designed to mitigate the effects of such actions.
What does investment managers professional indemnity cover?
The investment managers professional indemnity insurance policy protects the policyholder against claims made against them in respect of their legal liability for losses arising from a breach of professional duty.
What limit of indemnity does an investment manager need for professional indemnity insurance?
The limit of indemnity your require under your policy is generally for you to decide based upon your own assessment of the exposures you face in your business and the likelihood of a claim or number of claims. Many policies for investment managers will have a limit in the aggregate and you will need to include this in your considerations. (more information)
Are investment managers professional indemnity policies on a claims made or claims occurring basis?
The majority of professional indemnity insurance policies for investment managers are issued on a claims made basis (more) and this has implications that need to be considered when you cease trading, sell your business or retire with a possible run-off insurance requirement. (more)
What is the retroactive date under a professional indemnity policy for an investment manager?
Policies on a claims made basis should include a retroactive date to protect the policyholder against claims in respect of work undertaken prior to the current policy year. The retroactive date should coincide with the date you started trading or the effective date of your first investment managers professional indemnity policy. It is possible to arrange a policy with retroactive date of none, which effectively provides cover in respect of all previous periods.
How much is investment managers professional indemnity insurance?
The cost of your investment managers professional indemnity cover will depend upon a few key factors including the exact nature of the work you undertake, how much work you undertake annually, your previous experience and whether you have previously had any claims made against you.
Generally speaking the cost of professional indemnity insurance for an investment manager has reduced in recent years as a result of greater competition and a greater awareness of the risks faced by investment managers.
How can I buy investment managers professional indemnity insurance?
You can apply on-line or call us directly to discuss your requirements with one of our professional liability brokers.
When a policy is subject to a limit of indemnity insurance in the aggregate this means that the limit of indemnity applies to each claim and the total value of all claims in the policy period. Effectively the limit is reduced by the value of each and every claim under the policy.
The claims made basis of settlement means that the policy responds only to claims that are made during the period of the policy. There is no cover in place after the policy has been cancelled or not renewed. This can have serious implications for an investment manager upon retirement or if cover is allowed to lapse.
As a result of the claims made basis of settlement under most investment managers policies you may need to consider a run off policy to protect you after you have ceased trading or sold your business in order to protect you against any claims that arise after your existing insurance has expired. This cover can generally be purchased for an investment manager for a year or period of years at a fraction of the cost of a standard annual policy.