Mortgage Brokers Professional Indemnity
Mortgage Brokers Professional Indemnity Insurance
Mortgage Brokers Professional Indemnity Insurance is a product which provides cover for the professional risks that are faced by mortgage and finance brokers. It includes comprehensive civil liability language.
Mortgage and finance brokers need professional indemnity insurance to protect themselves against claims of negligence, errors, or omissions in the advice or services they provide to clients. This type of insurance helps cover legal costs and compensation payments that may arise from such claims, ensuring that brokers can continue their business operations without facing financial ruin.
As a condition of membership, the Mortgage & Finance Association of Australia (MFAA) require professionals to hold a minimum of $2 million Professional Indemnity insurance with at least 12 months run-off .
ASIC regulate the products that mortgage and finance brokers are able to purchase through Regulatory Guide 210, which sets out the minimum requirements of the product.
Note that Antipodean Underwriting is currently in the process of applying for an Australian Financial Services Licence and is unable to offer terms just yet. But we're working frantically to bring our offering to market. We recommend that you subscribe to our newsletter to make sure you're one of the first to know once we're ready to commence trade.