What we offer
Payment Institutions, e-Money Institutions and other firms applying for Account Information (AISP) and Payment Initiation Service Provider (PISP) permissions will need to evidence that their insurance coverage meets the PSD2 guidelines set out by the European Banking Authority (EBA) and incorporated within the Payment Services Regulations 2017 (PSD2).
The Protean Risk PSD2 Policy responds directly to the additional risk exposures and compulsory Professional Indemnity Insurance (PII) requirements created by the PSD2 Directive. This includes specific data security requirements which are not covered under a typical PII policy. Developed in partnership with a leading specialist underwriting team, the Protean Risk PSD2 policy provides you with 100% Lloyd's of London security.
What the cover includes
The PSD2 Policy combines Professional Indemnity, Data Security and Directors’ & Officers’ Liability insurance in one convenient package. Specific benefits include:
- Meeting the specific requirements of the revised Payment Services Directive (PSD2)
- Automatic additional coverage up to 25% of the policy limit to ensure continued compliance with the minimum limit of liability requirements;
- Enhanced Data Security cover as prescribed by the EBA in PSD2;
- Low policy excesses available from GBP5,000;
- Choice of limits of liability from GBP250,000 to GBP5 million and above;
- Directors’ & Officers’ Liability cover included as standard;
- Retroactive cover available for existing purchasers of Professional Indemnity insurance;
- FCA Investigation Costs included for both the Firm and Management;
- Emergency and Mitigation costs cover;
- 12 months extended reporting period available;
- Standard and Poor’s A+ rated insurer security.
Protean Risk PSD2 application process
- Simple application process, without lengthy and complex proposal forms on application or renewal. Complete a straightforward Statement of Facts based online application.
- Competitive Premium, including monthly payment funding option.
- Proprietary ‘Limit Calculator’ to assist with the complex PII limit formula in the EBA guidelines.
Key related services
- Proprietary PSD2 Insurance Limit Calculator (available to firms seeking a quotation)
What our clients say
We were introduced to Protean by a trusted partner in 2016 and have worked with them ever since. As experts in Fintech Insurance, they provide a high level of technical expertise, coupled with excellent service. Protean are well connected in the Fintech arena and are also a useful sounding board on broader risk and insurance matters.
We were introduced to Protean by the firm who were helping with FCA authorisation. They really understand the PII cover requirements for PSD2 and were very quick to review our business model and services. They provided multiple options with comparisons which helped us to clearly understood and choose appropriate risk cover. We surely continue to use and recommend them.
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