Insurance Intermediaries facilitate the purchase of insurance and provide a specialised transfer of risk process between the insured and insurers relating to all classes of business from residential properties to large construction firms, however their duty of care to each client remains the same.

The Financial Conduct Authority (FCA) is the regulator for all insurance intermediaries and impose guidelines on trading, treating customers fairly and minimum indemnity requirements. The limits are currently set out by the European Commission with both aggregate and anyone claim limitations. All quotations provided by Wimsure offer cover to meet these needs and ensure that it adheres to the requirements of the insured.

Insurance is a financial product that legally binds insurers to pay losses upon the financial loss of a specific event, in order for this to operate effectively intermediaries need to be in a position to demonstrate transparency with the cover they provide to ensure that their policy holders are fully versed with all terms and conditions being presented. Unfortunately the main area of claims arise from oversights of coverage whereby the insured’s may not be aware of exclusions or policy conditions that affect their rights to claim. These can lead to costly litigations and the financial loss to an intermediary could be vast.