Category

Professional Indemnity Insurance tags

Payment Services Directive 2 (PSD2) – Requirement for Professional Indemnity Insurance

The European Banking Authority (EBA) has finalised guidance for financial technology (fintech) companies on the type of Professional Indemnity insurance that they will need to put in place to operate in the EU’s payment services market from this year. The guidance applies from 13th January 2018, the date on which PSD2 took effect in national legislation across EU member states. This guidance sets out the criteria on how to stipulate the minimum monetary amount of PII for two new services defined in PSD2: payment initiation services (PIS) and account information services (AIS).

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Recruitment Agencies…You know you need Vicarious Liability cover, but what else?

Recruitment agencies face a unique set of circumstances when buying insurance. Yes, normal office cover and general liability cover is required for their own staff, but they can often be responsible for the workers they place as well. They need a policy that offers explicit cover for vicarious liability, cover for standard and non-standard contracts, a specifically designed office package and a clear distinction between an agency’s own staff and the candidates they place.

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What is primary and non-contributory Insurance?

Under contract you may be required to provide insurance which is primary and non-contributory.

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Expect the unexpected

In an ever increasing world of litigation we are now seeing more and more companies pursuing claims for breach of contract which stem from a desire to free themselves from a contract they no longer want to honour. It is the technology sector that is seeing the brunt of these claims and can be incredibly frustrating when a firm is convinced that the project is going to plan and hitting the agreed milestones when suddenly, all contact stops and you are hit with a claim for breach of contract.

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Check your ‘retro date’ – Cover for work done previously

As Professional Indemnity Insurance is written on a claims-made basis and provides cover for past exposures, policies tend to incorporate a retroactive date. The retroactive date effectively excludes claims arising out of work done, prior to this date. This is normally the date from which you first arranged professional indemnity insurance.

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