Payment Institutions and e-Money Institutions, applying to be re-authorised by the Financial Conduct Authority (FCA), with new 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).
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:
We engaged Protean to provide the full range of insurance for Crowdcube. As a rapidly growing business, we needed a specialist broker that can provide the depth of expertise, whilst retaining a personal service and having been personally introduced to Protean, we are delighted that they have met all of our expectations and we would happily recommend them.
...Protean really understand the insurance needs of small growth businesses in the tech space and they were very quick and responsive sourcing cover for us at a competitive rate.
We have used Protean as broker for our PI insurance since we set up our business. They have always been responsive and are both experienced and knowledgeable about the requirements of Financial Services firms and the risks we face
Protean were both knowledgeable and helpful in helping us obtain our PI and D&O Insurance. Nathan had an implicit understand of the market and what we required from our insurance, and was successful in quickly obtaining cover that was both more comprehensive and significantly more cost effective than we had had previously. Very happy with the whole process.
Julian Brincat contributes to an interesting FT Adviser article. Read more...