APC launches financial intermediary PI cover

APC entered the Professional Indemnity (PI) market by launching a product aimed at mortgage and finance intermediaries.

The commercial insurer says the move has been prompted by “huge” client demand and is promising many more PI products for its network of brokers.

The mortgage and finance intermediaries’ offering has been developed in response to market opinion that quantitative easing may well boost the mortgage and loan sectors in the near future.

The policy covers professional activities relating solely to arranging, bringing about or giving advice regarding mortgage or loan products in the UK.

Cover can also be extended to include non-investment insurance, such as personal lines business and property owners.

Key features include:

Industry specific protection for liabilities and negligence.

Loss of documents up to £5,000.

Data Protection Act breach cover up to £50,000.

Libel, slander or defamation.

Court attendance costs up to £10,000.

Compensation for complaints that are referred to the Financial Ombudsman Service.

APC underwriting director, Ian Russell, comments: “I am pleased that the first PI product is within a niche market place which shows our continued support in providing an easy solution to risks that are sometimes more difficult to place.”

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Category: Business Insurance News, Companies News, Insurance News