Mortgage Brokers Professional Indemnity Insurance – all you need to know
Millennium offers FSA compliant Mortgage Brokers PII quote and placing service exclusively for mortgage brokers,
We can include all your FSA regulated mortgage general and pure protection activities.
Non FSA regulated activities may be included on receipt of full written details
Immediate quotes from a panel of specialist PII providers
Cover available for Individual Directly Authorised firms and Network Principals
PII Run off cover available
Premiums can be paid by monthly instalments
FSA website:
Mortgage & General Insurance PII requirements
| Cover |
FSA Requirements |
| Minimum Indemnity Limit
(Any One Claim)
|
a) Mortgage mediation £100,000 or 10% of annual income
b) General Insurance mediation €1 million any one claim
|
| Aggregate Indemnity Limit |
a) Mortgage Mediation £500,000 or 10% of annual income
b) Insurance mediation €1.5 million or 10% of annual income if higher
|
| Max Upper Limit |
Mortgage mediation £1 million - Insurance Mediation £30 million
|
| Maximum permitted Excess |
a) Mortgage mediation: £2,500 or, if higher: 1.5% of annual income if not holding client money
b) Insurance mediation or mortgage intermediary holding client money or title documents: £5,000 or if higher: 3% of annual income
|
| CML Arbitration & FOS Awards |
Mandatory |
| Breach of Confidentiality & Infringement of copyright |
Optional for additional premium |
| Loss of Documents |
Included |
| Dishonesty of Employees |
Included or via separate Fidelity Insurance |
| Who is covered? |
All employees, partners, directors self employed individuals and appointed representatives |
| Evidence of cover |
Requested by FSA annually in renewal subscription and RMAR returns |