However it remains an anomaly that the FSA has not formally recognised their status as being separate to insurance brokers. It is also notable that despite being an established and growing business model MGAs have limited choice when it comes to choosing their professional indemnity. Usually a broker’s wording is endorsed and that is considered sufficient,.
Custodian believes that MGAs are here to stay, having become an established way of transacting business and are therefore worthy of a specific wording targeted at covering the exposures they may face.
Our MGA wording is a civil liability wording and aims to be clear and specific about the cover it offers to MGAs in both their own delegation and their sub-delegation of authorities.
As an MGA ourselves, we considered what we would like to see within the wording and also concluded that the delegation of authority is the core function of the MGA and so needs to be stated up front at the top of the policy rather than endorsed at the end as an afterthought.
We have aimed to deliver:
– a product that is clear about delegation
– a product that covers both generic and sector specific exposures.
– a service that is efficient and discrete.
– an insurer behind our products that has both reputation and financial security
– a claims service that is sensitive and experienced
How to get started
To speak to one of our team, call us on 0207 648 4343 and we’ll be happy to help or complete the form below and we’ll be happy to contact you.
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Custodian is a trading name of Custodian Management Ltd and is an Appointed Representative of Advent Solutions Management Ltd.
Advent Solutions Management Ltd. is authorised and regulated by the Financial Conduct Authority.