01.

MORTGAGE BROKERS

Mortgage Brokers are exposed to litigation claims for financial loss arising out of professional advice and guidance provided to their clients.

 

Professional Indemnity insurance is recommended for all practicing Mortgage Brokers and is generally required under law.

 

Professional Indemnity insurance offers financial protection for Mortgage Brokers against losses occurring out of negligent acts, errors and omissions in providing their services.

 

Why do Mortgage Brokers require professional indemnity insurance?

 

Mortgage Brokers are constantly doing work for and giving advice to clients, which includes facilitation of loans/financing.

 

A Mortgage Broker needs to be very efficient and meticulous in performing their duties. In the event that the Mortgage Broker is negligent, Professional Indemnity Insurance will contribute towards both legal fees incurred in defending a claim and any damages payable.

Key exposures for Mortgage Brokers:

 

  • Conflict of interest
  • Electronic theft of records and confidential information or unauthorised access.
  • Employee dishonesty – employees selling confidential information to other firms
  • False advice
  • Finance Application error
  • Invasion of privacy, libel, defamation, breach of confidentiality
  • Misleading analysis and interpretation of client requirements

 

Public Liability Insurance for Mortgage Brokers

 

If you or one of your employees visit a customer’s premises your actions could cause an injury to another person. Similarly, if an accident happens whilst a member of the public comes to your place of business and they are injured you could be held liable. Public Liability Insurance protects you in the event that such accidents occur and a claim is subsequently made against you. 

 

Public Liability insurance also covers you if damage is caused to third party property whilst providing your professional services. 

INSURANCE AUDIT

The first step towards getting you the right protection is assessing your current insurance policies to determine the real value of your current premiums.

 

Once this is completed, we work with you on identifying your business or personal risks to make sure your insurance policy is tailored to suit your needs.

COVID – 19 We are here to help you manage your personal & business insurance situation during this crisis. 
Please contact our team for advice & support.