|Product||Insurance Brokers Professional Indemnity|
|Product Manufacturer||Joint Carrier & MGAM|
Product Approval Process
This product has been reviewed by MGAM’s Product Oversight Group (POG) which concluded that the product risk review was sucessfully completed, including consideration of the wording, and did not identify any concerns or require any further actions. The product is suitable for the target businesses and responds to their exposure to losses arising in relation to legal exposures due to acts of negligence. The POG did not identify characteristics in relation to the various areas of potential risk.
Who this Product is suitable for:
The target market is Insurance Brokers. The product protects against the failure to exercise reasonable skill and care in provision of professional or advisory services and protects firms by providing a legal defence and covers the cost of damages from a clients claim.
Who this Product is not suitable for:
Any practice with international work. Any practice with a significant claims record.
Any practice with fee income in excess of £5m.
This products is not suitable for Consumers.
This product is not suitable for Lloyds Insurance Brokers.
Product Suitable Distrubution Strategy
|MGAM Delegated Authority (Transactional)||Yes|
|MGAM B2B2B Quote & Bind Platform||No|
|MGAM B2B2C Quote & Bind Platform (first party system)||No|
|MGAM B2B2C Quote & Bind Platform (third party system)||No|
|Sub Delegated Authority (Coverholder)||No|
|Coverholder B2B Quote & Bind Platform||No|
|Coverholder B2C Quote & Bind Platform||No|