Vero launches stockbroker liability policies
Vero will step into the breach to provide professional indemnity (PI) and other liability lines for stockbrokers after QBE’s withdrawal from the market.
Stockbrokers will have access to Vero PI, directors’ and officers’ liability and crime insurance policies.
QBE withdrew from the PI market for financial planners and stockbrokers on June 1. Its exit was prompted by changes to the Corporations Act and recurring major financial failures in recent years.
Vero’s new stockbroker lines join an existing PI product for financial planners. A spokesman told insuranceNEWS.com.au there is “huge scope” for Australian insurers to provide the stockbroker lines.
“Otherwise their only option was to go to an international insurer and pick up cover from them,” the spokesman said.
Vero will launch the policies this month.
Stockbrokers will have access to Vero PI, directors’ and officers’ liability and crime insurance policies.
QBE withdrew from the PI market for financial planners and stockbrokers on June 1. Its exit was prompted by changes to the Corporations Act and recurring major financial failures in recent years.
Vero’s new stockbroker lines join an existing PI product for financial planners. A spokesman told insuranceNEWS.com.au there is “huge scope” for Australian insurers to provide the stockbroker lines.
“Otherwise their only option was to go to an international insurer and pick up cover from them,” the spokesman said.
Vero will launch the policies this month.