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Financial Services Insurance

  • Tailored advice from experienced brokers
  • Comprehensive insurance account management
  • General business packages & customisable insurance solutions

 

 

 

 

 

Specialist insurance brokers providing financial services insurance for firms, advisors, and consultants who need customised insurance programs.

Financial Services

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Specialised solutions for financial services firms

What Is Financial Services Insurance?

Financial services firms require tailored advice to ensure they have industry-specific protection in a highly regulated and dynamic sector.

Understand the specialised coverages and extensions that financial services insurance provides. We’ll guide you through policy options suited to the specific regulatory and operational needs of your firm.

Industry-Tailored Solutions

Adequate Cover for Financial Service Firms

Unlike general insurance, a robust financial services insurance policy can be structured to meet the compliance requirements in ASIC’s Regulatory Guides 126 and 210.

We’ll help scope your requirements

What Coverages Are Available?

We assess each client’s unique operations, activities, size, and ASIC requirements to arrange specialised financial services insurance that’s both strategic and cost-effective. Below is an overview of the coverage options available for financial services firms.

Each financial services firm has distinct needs. The coverages listed may not apply or meet all your requirements. Contact us to ensure your financial services insurance is tailored specifically to your firm.

Professional Indemnity

This cover protects against claims that are caused by your professional advice which may give rise to a financial loss.

Public Liability

This cover protects against claims made for property damage and personal injury to third parties caused by your negligent acts.

Corporate Travel

Annual combined business & leisure coverage while travelling around Australia or Overseas – includes coverage for medical expenses and baggage/contents.

Crime Coverage

Crime policies can be structured to cover fidelity (wrongful acts of employees), cover while on premise or in transit, document fraud and even computer fraud.

Directors & Officers/Management Liability

This cover is designed to protect the directors, officers, managers and employees against legal action from shareholders, employees, regulators, creditors, competitors, liquidators and others.

Workers’ Compensation

This coverage is mandatory where you have hired employees, but could be beneficial for operations with subcontractors and/or working directors.

Cyber Insurance

Cyber insurance can be customised to offer cover for cyber event response costs, business interruption, digital asset replacement, breach costs, cyber extortion/threat, e-theft and third-party liability from a privacy or cyber breach.

Property & Business Interruption

Property and contents coverage for your business equipment, tools of trade and office contents (with the option to extend to Worldwide, if required).

Here to help

Tailored Financial Services Insurance Solutions

Our team can design a financial services insurance plan that meets your firm’s unique requirements.

Contact us to receive customised recommendations on your coverages and program.

Specific financial services firm requirements

Key Coverages & Policy Conditions

Essential coverage features for financial services firms.

The following key coverages and policy conditions offer comprehensive protection for financial services firms, addressing a range of potential risks.

Broad Civil Liability Insuring Clause

Indemnifies insured organisations and insured persons and does not tie to negligence or breach of professional duty.

Self-Report, Internal Inquiry & Professional Inquiry Costs & Expenses

Costs and expenses of preparing a self-report, participating in an internal inquiry or appearing at an industry-wide.

ASIC Administrative Action

Appeal costs & expenses – costs and expenses of the appeal, to a tribunal, of administrative action brought by ASIC suspending or cancelling an AFS licence, or issuing a banning order prohibiting an insured person from providing financial services.

External Dispute Resolution

For claims brought under an ASIC Approved External Dispute Resolution Scheme such as the Credit Ombudsman Service Limited or Financial Ombudsman Service Scheme. Cover is not sub limited but the excess will apply to each claim determined or settled under such a scheme.

Contractual Liability

For liability the insured incurs under an indemnity or hold harmless term of a contract to the extent that such liability results from the insured’s performance of professional services.

Specific financial services firm considerations

Key Extensions

Important coverage additions for financial services firms.

These key extensions offer critical protection for financial services firms, addressing various risks and ensuring comprehensive support in key areas.

Defence Costs Paid in Advance

Coverage provides defence costs prior to the final resolution of a valid claim, ensuring proactive support for financial services firms.

Misleading or Deceptive Conduct

Protection under ASIC and TPA Acts for claims involving alleged misleading or deceptive conduct, a critical safeguard for firms in regulated environments.

Joint Ventures

Coverage for the insured firm in its capacity as a joint venture partner, supporting collaborative projects with robust protection.

Vicarious Liability

Protection against liabilities resulting from the actions of the insured’s agents, essential for firms working with external partners.

Intellectual Property Rights

Coverage for unintentional breaches of intellectual property rights (excluding North America), providing peace of mind in intellectual property matters.

Professional Inquiries

Covers expenses related to professional inquiries that have the potential to lead to a claim, ensuring your firm’s readiness to respond.

Broad Definition of Insured

Extends coverage to directors, employees, and members of compliance, investment, and audit committees, as well as their estates, heirs, and legal representatives in case of death or incapacity.

Who we help

Types of Financial Services Firms

We understand that the financial services sector is a very broad industry that demands specific needs depending on each firm’s operations.

We specialise in financial services insurance that caters to the broad and diverse needs within the industry, including these types of firms:

01

Stockbroking

02

Property Funds

03

Corporate Secretarial

04

Corporate Advisors

05

Fund Managers

06

Trustees & Custodians

07

Private Equity

08

Venture Capital

09

Merchant Banks

get tailored advice

Request More Information

Give us a call, send us an email, or chat with us now.

Let us tailor a solution for your specific requirements to help you get the most appropriate and cost-effective cover you need today.

Why Do Firms Choose KBI for Financial Services Insurance?

01

Expertise in ASIC Compliance

We understand ASIC’s RG 126 and which insurers provide coverages that comply with its requirements and protect against the associated risks.

02

Tailored Coverage from Specialist Insurers

We have built relationships with specialised insurers that focus on Financial Institutions and provide customised coverage to suit the specific needs of each consultant.

03

Professional Indemnity Claims Expertise

We are specialists in Professional Indemnity and managing the claims and notification processes.

04

Comprehensive Risk Profiling

We provide complete insurance risk profiles customised to each client, outlining which risks are transferred and which risks are self-insured.

05

Customised Insurance Solutions

We provide complete insurance risk profiles customised to each client, outlining which risks are transferred and which risks are self-insured.

06

Guidance for Informed Decisions

We help clients make an informed decision by answering the following questions:

 

  • What’s covered?
  • What’s excluded?
  • What limit should we buy?
  • When do we report changes, claims, circumstances, etc.?

 

Specialised expertise

Financial Service Insurance Team

Our team of industry specialists are here to help.

about gilbert chionh modified

Gilbert Chionh

Account Manager

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Travis Kenzle

Managing Director

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Nick George

Director

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Lachlan Stretton

Director

Our Partners

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Request a Tailored Quote

Fill in the contact form to request some advice and a tailored quote, or click the button below to find out more about us.

Financial Services

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