Can the policy be purchased by the Employer?
Yes, assuming that there are more than 5 employees a discount may also be available.
If an employer purchases the insurance on behalf of its employees, is there not a conflict of interest?
No, the employee is the named insured and is the only beneficiary to the policy. Who pays for the insurance does not affect this position.
If purchased does this not encourage the individual to become more casual/careless and reduce the effectiveness of regulatory procedures?
No, the consequence of being investigated is too great. In the same way that motor insurance does not encourage bad driving or health insurance encourages sickness.
Will the cost of insurance be tax deductible?
No, if purchased by an individual then it is not expected that tax relief can be successfully claimed. If purchased by an employer then such benefits could be but specialist tax advice should be sought.
If an Employer purchases the cover for all its employees would there be a discount in premium?
Yes, each case will be considered on an individual basis. (Please refer to the premium indication or contact us directly for more details.)
How does this policy renew and when?
The policy is for a period of 12 months from the day it is purchased. Assuming that there have been no claims or any material changes the policy may renew subject to individual indemnity and the availability of the market. If there are any changes in the premium you will be advised at least one month in advance before such changes shall apply.
If investigated, can I choose my own solicitor?
Yes, but each circumstance will be reviewed on a case by case basis, conflicts of interest may stop certain lawyers being used. The panel of law firms has been chosen because they are experts in this field. It is unlikely that such expertise is available elsewhere at an affordable rate.
Do I receive a policy wording?
The policy wording is lodged
on our website and can be accessed using a Password provided
by Blackmore Borley Limited. It
is our intention to continue to improve the cover available
so the policy is expected to change. It is therefore
impractical to issue policies on an individual basis
unless specifically requested. However each Insured will
received a policy schedule which details your name, the
limit of insurance purchased, the premium and the date
that the insurance commenced.
What happens if the policy wording is changed?
Once the policy has been purchased no restrictive conditions will be imposed. The only policy changes will be to either enhance or to clarify cover. If in the unlikely event that a more restrictive wording is to be used then it shall be used at the next anniversary date. Any changes will be notified to each Insured to enable an evaluation of the changes in coverage
on the renewal date in writing.
What happens to my cover if I change jobs?
The policy is in the name of the individual and will continue to be in place irrespective of your new job. However, at the anniversary date it is the duty of the Insured person to advise the underwriter of any material changes, such change of employer, job description, control function or responsibilities, a claim or a circumstance which is likely to give rise to a claim under the policy.
What happens when I retire?
The policy will remain in force until the anniversary date. At the expiration of the policy there is an automatic 24 months discovery period which enables the Insured to make a claim under the policy for an investigation relating to an incident that occurred prior to your retirement when insurance was purchased.
How do I make a claim?
Notifications of a claim or circumstance that could give rise to a claim should be made by letter, facsimile or email to
info@reginsurance.com. Please refer to the appropriate section of this website for more detailed advice or refer to the policy wording.
Would the policy pay for the legal cost resulting from a police investigation such as SFO?
No, this policy is not intended to pay such costs resulting from dishonest acts or acts committed with criminal intent, other than what is defined under the Financial Services and Markets Act 2000.
Will the insurance cover the regulator's costs if I am found to be "guilty" following an investigation?
Yes, as long it is only the regulator's costs and not a fine or penalty.
Will the insurer demand the return of any payments of any cost if the investigation results in me being fined?
No, unlike other insurance policies available no such demands will be made.
Can insurance be back dated?
Not yet but depending upon the demand such a facility may become available but it will incur an additional premium. When available each enquiry will be considered on a case by case basis and will incur an additional premium.
What is the difference between Regulatory Insurance and D&O?
Please refer to the Comparison between Regulatory Insurance and D&O.
Who insures me?
For policies incepting on or before 31/12/02 - Wren & Markel
For policies incepting between 01/01/03 and 31/01/03 - Markel
For policies incepting between 01/02/03 and 31/01/04 - Markel & Professional Risks Insurance Company Ltd.
For policies incepting between 01/02/04 and 30/04/07 - Markel & Brit Insurance
Ltd.
For policies incepting on or after 01/05/07 - Catlin, Brit Insurance and Hiscox
Contacts details for these insurers can be found on the contact us page. |
