Free fact finder · United Kingdom
Insurance brokers' professional indemnity fact find
Every question the insurance brokers' professional indemnity form asks, asked once in plain English. Answer it once for your own renewal, or send it to a broker client.
- No login needed
- Fillable PDF with your logo
- 83 questions
- Written for UK rules
What it asks
The questions underwriters ask, in plain English.
Each one comes with a line saying why it's asked, so your client answers fully the first time.
- 1In the last 6 years, has the firm placed business with an insurer that was unrated or poorly rated at the time?If a weak insurer fails, clients may claim that their broker should have known.
- 2Does the firm have a financial interest or shareholding in an MGA or an insurer?Placing business with a company you own is a conflict of interest, and its errors can come back to you.
- 3Has the firm ever been a Lloyd's broker?Insurers ask about it by name.
- 4Does the firm hold client money?Client money brings a theft risk, and it raises the maximum excess the FCA allows.
- 5Does the firm hold, or has it ever held, a binder from an insurer?Acting under a binder makes the firm the insurer's agent, a different liability from broking.
- 6Does any one client account for more than 30% of income?Relying heavily on one client raises the size of a possible claim.
The firm
Entity, people, FCA status and reference number, Lloyd's history and MGA interests.
Income
Commission and fees, premium placed, overseas offices and the largest client.
Services and classes
The share of income from each service, and of premium by class.
Placement
Binders, claims authority, unrated insurers and the alternatives you offered.
Claims and cover
Past claims, known circumstances, current insurer, excess, renewal date and the limit needed.
How it works
- 1
Open it and try it
Answer it on the page as your client would. Follow-up questions appear as you go. Nothing is saved.
No login
- 2
Send it, or download the PDF
Send your client a link to answer by form or chat, with reminders sent for you. Or download a fillable PDF with your logo.
PDF free, no email
- 3
Fill the insurers' forms
When your client answers, one click starts each insurer's form with their answers in, and drafts the demands and needs for you to finish.
Free 14-day trial
Minimum cover
FCA minimum cover for insurance intermediaries
Directly authorised insurance intermediaries must hold professional indemnity insurance that meets the FCA's MIPRU rules.
- Limit of indemnity (MIPRU 3.2.7)
- €1,300,380 for a single claim, and in aggregate the higher of €1,924,560 and 10% of annual income (capped at £30 million).
- Excess (MIPRU 3.2.11 and 3.2.12)
- No more than the higher of £2,500 and 1.5% of annual income, or £5,000 and 3% if the firm holds client money, unless the firm holds extra capital.
A summary, not advice. A policy in sterling must be at least equivalent to the euro limits when it starts and at each renewal. Appointed representatives are usually covered by their principal.
Free tool or a free trial
The fact finder is free. A trial does the forms.
Free, no login
Everything you need to use it.
- The whole fact finder, answered as your client would
- How much of each insurer's form it fills
- Fillable PDF with your firm's logo
With a 14-day free trial
Your client answers once. No card needed.
- Send it as a link: answered by form or chat, with reminders
- Upload a PDF your client filled in and the answers are read in
- Start each insurer's form with your client's answers in
- A first draft of the demands and needs statement
- Next year, your client only confirms what changed
Before you ask
Questions about the insurance brokers fact finder.
- Can I use it for my own brokerage's renewal?
- Yes. Answer it once and your answers fill NBS's insurance brokers' form in the Form Library. Or send it to a broker you insure.
- Does it show the FCA minimum cover?
- Yes, the MIPRU 3.2.7 minimum limits and the maximum excess, with links to the FCA Handbook.
- Does it help with the demands and needs statement?
- Yes. Once the answers are in, Coverbound drafts the statement from them for you to finish. It recommends nothing.
- Is it really free?
- Yes. Answer it on the page and download it as a fillable PDF with your logo, with no login and no email.
Ask once. Fill every form.
Open the fact finder, try it as your client and download the fillable PDF. No login needed.
Open the fact finder