Insurance for finance and fintech businesses
Mortgage brokers, financial planners, fund managers, payment platforms and lenders hold licences that require insurance, and clients whose money makes every error expensive. The cover has to satisfy the regulator as well as the claim.
The advice, the board and the money that moves through your systems
Professional Indemnity
Cover for claims that advice, a product or a transaction caused a client financial loss, written to meet the requirements that attach to your licence.
Professional Indemnity coverManagement Liability
Directors' and officers' liability, regulatory investigations and employment claims for licensed businesses with boards and staff.
Management Liability coverCyber Insurance
Payment data, client identities and platform uptime. Breach response, social engineering losses and the business interruption that follows an outage.
Cyber coverThe licence sets a floor, and the clients set the ceiling
Financial services claims arrive with a regulator attached.
Licence conditions
Australian financial services licensees that serve retail clients generally need professional indemnity cover that meets ASIC's requirements in Regulatory Guide 126. A policy that falls short puts the licence, as well as the claim, at risk.
Social engineering
A fraudulent instruction that leads staff to transfer client money is often excluded from cyber and crime policies unless it is specifically added.
Platform liability
Fintech products are software as well as financial services. The professional indemnity and the technology liability have to work together, or the claim falls between them.
A payment redirected by an email that looked right
An illustrative example of how Ardent can make the difference in a time of need.
A staff member acted on a change of bank details that appeared to come from a known supplier. The money was gone before the real supplier chased the invoice.
The cyber policy carried social engineering fraud cover, which is an extension rather than a standard inclusion, added at the previous renewal. We notified inside the required window.
The loss was met under that extension. The insurer's forensic review also found the mailbox rule that let it happen, which the client shut down.
Responds under Cyber Insurance
This is an illustrative example. Every claim is assessed by the insurer on its own facts and under the terms of the policy.
What insurers expect to see
Financial services covers are rated on the licence, the representatives and the funds you handle. We go through them with you each year so a new representative or a new product does not sit outside the policy.
- Professional indemnity limits and run-off that meet your licence conditions
- Every authorised representative and credit representative named or covered
- Crime and social engineering cover sized to the largest transfer you would make on instruction
- Cyber cover that includes third party liability for client data and platform outages
- Directors' and officers' cover in place before the next capital raise or board appointment
- Activities declared to the insurer cover every product line, including new ones
Our Finance & Fintech experts
QPIB · Dip. Fin. Serv. (Ins Broking) · ANZIIF (Snr Assoc) CIP
The jewellery trade, childcare and commercial risks
Sarah co-founded Ardent and has more than 30 years in insurance in the UK and Australia, across commercial, property and casualty, professional risks and claims, with a focus on the jewellery trade and childcare. She works with each client to solve problems, plan ahead and see a claim through smoothly.
QPIB · Dip. Fin. Serv. (Ins Broking) · Dip. Integrated Risk Management · ANZIIF (Snr Assoc) CIP
Risk management and program design
Stephen co-founded Ardent and has 17 years in insurance, with clients from sole traders to multinational corporates. He works through the risks a business faces and helps decide what to avoid, reduce, retain or insure, balancing cover against cost. He has served on the committee of NIBA's NSW Mentoring Program.
Cyber, property, motor fleet and technology
Kye has two and a half years in insurance broking, after working in retail management, and is studying for his diploma in insurance broking. He looks after a general book of clients, with a focus on cyber, property, motor fleet and technology. Clients find him thorough, efficient and understanding.
What a client says about Ardent
Stephen and Ardent Insurance Solutions are unfailingly professional, knowledgeable and courteous.
Gratefully,
Michael