Advantages of this policy are:

• It is much cheaper than the more traditional insurance policies such as PI and D&O.
• It is independent of the more traditional insurance policy, being PI and D&O.
• It enables the company to appoint any suitable qualified and experienced lawyer depending on the circumstances and the jurisdiction, rather than having to use existing corporate lawyers or lawyers beholden to the insurer’s interests.
• Its funds the legal costs rather than indemnifying the costs.
• It only insures the legal costs and not the resulting liability to be paid by the insurer.
• It does not require a claim for compensation to be made before responding, as per the standard insurance policies.
• It can act as a “deductible infill” to the main insurance programmes, subject to the “overlying policies” allowing.
• It is also much cheaper to purchase than to seek a lower deductible on the main insurance programme.
• It insures all staff, be they directors or employees, regulated or not!
• It can be amended to include other European regulators, as required, but not USA or Canadian regulators.

For more information, please contact us by email or telephone on call us on 0207 929 4616.

These regulatory insurance policies are another example where BBL has listen to their clients and created a policy to insure the concerns rather than those orientated towards or from the insurer.