The FinSA-compliant professional liability for asset managers is now available.
This is a special collective solution which exactly meets the legal requirements. The asset manager can calculate the insurance premium online and also calculate and also submit the application online.
What criteria had to be met for the IGUV collective solution?
1. if we wanted to provide our members with the simplest possible simple and uniform insurance application.
With our ONLINE APPLICATIONwe offer our members maximum convenience. The application is filled out and sent in just 2 to 3 minutes. It could not be easier.
2. we wanted to find a solution for our members which complies with all FINMA, FinSA and FinIA regulations..
These included in particular:
- The global after-liability
- The costs for the follow-up liability had to be included in the current premium
- The 90-day notice period
- The coverage of all risks, including financial losses from other actions typical of the profession, including investment errors and breaches of duty by employees or other persons of trust
- The insurer should be a reputable Swiss company
In this respect, we have opted for the most attractive solution, which at the same time fulfils the legal requirements with the highest probability.
3. we wanted to offer our members with this collective solution. An optimal premium offer.
IGUV does not receive any retrocessions, commissions or similar for brokering these premiums. IGUV simply wants the best solution for its members. On the contrary, new members who take out a professional liability insurance will receive a one-time payment of CHF 200 or a corresponding reduction on the membership fee.
The IGUV collective solution is less expensive than direct shooting. In our internal comparisons, we come up with average savings of CHF 700 to CHF 900 per person per year. We have also seen significantly higher savings, but also lower ones, especially if the policyholder already had a collective solution from another association.
Conclusion
- Financial service providers who can become a member for CHF 250 IGUV will definitely save money.
- For asset managers, the IGUV membership is usually also worthwhile, but certainly when other services are purchased.
- Our collective solution insurance covers the requirements for financial service providers and asset managers at the same time and the premium is the same for both professions. This is the simplest and safest solution for everyone.
The collective solution offers further advantages
- Can be counted towards the own funds requirements.
- New asset managers at IGUV receive a one-time compensation of CHF 200.
- The start of the insurance can be postponed for up to 3 months.
- Renowned Swiss insurer.
Example 1
The premium for a new member with a turnover of CHF 190,000 p.a. and a sum insured of CHF 500,000 is CHF 1,150, less the remuneration of CHF 200, this is CHF 950 net.
Example 2
The premium for a new member with 4 asset managers, a turnover of up to CHF 1 million p.a. and a sum insured of CHF 1.5 million is CHF 4,768. After deduction of the remuneration, this amounts to CHF 4,568 or CHF 1,142 net per asset manager.
Example 3
The premium for a new member with 8 asset managers, a turnover of up to CHF 2 million p.a. and a sum insured of CHF 3 million is only CHF 10,365. After deduction of the remuneration, this amounts to CHF 10,165 or CHF 1,271 net per asset manager.
For example 1, we also received a quote from another insurance company for over CHF 6,400, which is more than 6 times the amount of this collective solution!
Online application Online calculator FINMA's implementing regulations