Mortgage Brokers Insurance Policies
Insurance Made Easy has been actively involved in providing comprehensive insurance solutions for Mortgage Brokers since 2001. This knowledge has allowed Insurance Made Easy to enhance policy coverage with an evolving industry which meets ASICS requirements.
With Exclusive rates and coverage for Professional Indemnity and discounted rates on Business Insurance contact Insurance Made Easy today for a no obligation quotation.
Professional Indemnity Insurance:
How does Professional Indemnity Insurance work?
Professional Indemnity Insurance is a form of liability insurance that helps protect professionals when providing professional advice and services. The insurance has the provision for the cost of defending a negligence claim made against you and any damages awarded in a civil lawsuit.
The cover is provided for alleged failure to provide services either by error or omission resulting in a client suffering a financial loss.
Professional Indemnity Insurance also provides for the defence costs, including when the legal action turns out to be frivolous.
The Policy offered by IME Insurance Brokers is fully ASIC Compliant
All policies (Mortgage Brokers, Originators, Franchise Groups, Aggregators, Mortgage Managers) include full 7 year run-off cover
No need to complete declarations each year in most cases
Thirty days extended reporting period
Provisions for cover up to $280,000 for any ASIC approved External Dispute Resolution Scheme arising out of a third-party complaint made against the Insured in the conduct of the Professional Services.
Two automatic reinstatements of the sum insured.
Cover level range from $2million to $10million with a range of excess options.
Policy security by a recognized local and international insurer.
Should I take out Public Liability Insurance in addition to Professional Indemnity Insurance?
Public Liability Insurance protects your business for any negligence which results in either physical injury or property damage. With society becoming more litigious, it is important that you properly protect your business activities whether they are conducted on or off site.
A claim could result from a client tripping over your laptop cable during a presentation at their office and as a consequence suffering a loss of income due to time off work. In this particular circumstance, you may be deemed negligent and have damages awarded against you. In this particular instance, a Public Liability Insurance policy would respond. As this is not a Professional advice claim (such as that which may fall under a professional indemnity coverage) you would need a Public Liability Insurance policy which covers the cost of the claim after negligence has been established, or, if no negligence is involved, provide cover for the legal defence costs.
I am currently insured elsewhere if I move to IME Insurance Brokers will I be covered for my previous work?
Rest assured that the policy offered by Insurance Made Easy has full retroactive cover provided you have had continuous Professional Indemnity insurance. If a claim is made against you for negligence as a result of work undertaken during a previous period of insurance your new policy with Insurance Made Easy will provide full cover subject to the usual terms and conditions of the policy.
What happens if I decide to cease trading as a Mortgage Broker?
Under the statute of limitations, you may be liable for a claim up to 7 years after the fact. For no additional premium, Insurance Made Easy will cover you during this period from the date your policy ceases provided you no longer work as a self-employed Mortgage Broker. Simply contact Insurance Made Easy and we will make sure that you are covered.
Your Trusted Specialists
IME Insurance Made Easy has a team of very specialised insurance experts that have years of knowledge in the assessment of insurance risks and claims, so when they are assisting one of our clients or liaising with the Underwriter their knowledge is unsurpassed and respected within the industry.
We are not just Insurance Brokers, we form relationships, which sets us apart from the Industry.
Management Liability (Directors & Officers)
General Property (all risks-mobile equipment)
Group & Corporate Travel Insurance