Industries / Financial services
Insurance for financial services
Regulators investigate people, not companies. The programme should be built around that.
Management and professional liability for asset managers, family offices, brokers and fintech firms licensed by the SFC, HKMA or IA.
New South Sea for financial services
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- Clients in this sector
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- Lines placed per client, median
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- Premium placed, HKD
01 Exposures
Named risks
Each risk, what it costs when it happens, and how the programme may respond.
Regulatory investigations
SFC and HKMA enquiries generate legal costs long before any claim is made.
D&O with investigation costs cover that responds before a claim is made.
Claims from investors
Allegations of misselling or breach of mandate fall under professional indemnity.
Professional indemnity with limits set against mandates and fund documents.
Payment fraud and social engineering
Diverted transfers are the most frequent large loss in the sector.
Crime cover with a social engineering section, and controls that meet its conditions.
Personal liability of directors
Directors of licensed entities face personal exposure that the company may not be able to indemnify.
A dedicated Side A limit that the company cannot exhaust.
02 The programme
Typical insurance programme
The final structure depends on your contracts, sites and balance sheet. This is where the review starts.
- Directors' and officers' liabilityThe policy belongs to the company. The protection belongs to the people.Line detail
- Professional indemnityCover responds to the claim, not the mistake. The retroactive date decides the rest.Line detail
- Crime and fidelityMost losses come from inside the company or from an email that looks like it did.Line detail
- CyberUnderwriters price the controls. The questionnaire is the submission.Line detail
03 How we work
How we work
- 01ReviewStart with the exposures, not last year's schedule.
- 02PrepareThe underwriting file is the submission.
- 03MarketSelected markets, not a circulated list.
- 04BindThe policy is checked against the quote.
- 05ClaimsA named claims contact from the first notice.
“[Client quote, two sentences at most, on a renewal or claim New South Sea handled.]”
Questions
Does the SFC require professional indemnity insurance?
Requirements depend on the licence type. We review your licence conditions and set limits against them and against investor contracts.
Should D&O and PI be combined?
Combined policies cost less but share one limit. For regulated firms we usually recommend separate limits for each.
Are fund directors covered?
Outside directorship cover can extend to fund boards, subject to the fund's own indemnity and insurance.
Ready when you are
Send us the risk the last broker could not place.
Direct line[enquiries email]Monday to Friday, 9:00 to 18:00 HKT