Protean Risk launch Financial Institutions insurance scheme

Protean Risk have partnered with specialist insurer, Hiscox, to offer an exclusive insurance scheme for small and medium sized financial institutions, offering Professional Indemnity, Directors’ & Officers’ Liability, Cyber & Data, Crime, Office Contents, Employers & Public Liability insurance under one policy.

Most types of financial institution qualify for the scheme, including Appointed Representatives, Introducers and Arrangers, Crowdfunding Platforms, Investment Managers, Foreign Exchange Brokers and Wealth Managers.  Typical limits of liability would be £1m - £2m but the scheme can offer cover up to £5m.

Key benefits include:

- A simple statement of facts based application process which does not require lengthy and complex proposal forms on application or renewal

- Automatic cyber and data risks insurance provided as part of the Professional Indemnity and Directors’ & Officers’ Liability insurance

- Monthly premium payments with 0% interest

- A single, plain English policy wording specifically developed for Financial Institutions, so it includes many specialist coverage enhancements.

According to Nathan Sewell, CEO Protean Risk “we wanted to offer a competitive priced insurance scheme with a leading insurer to protect the exposures faced by firms and their management. Partnering Hiscox Insurance has enabled us to offer exclusive benefits and premium rates for our clients.”

Robert Lawther, Head of Financial Institutions at Hiscox explains “we selected Protean Risk to join forces on this innovative scheme due to their investment industry and financial services specialisation.”