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Tip of the Week

Professional Indemnity Insurance Currency

By 4th December 2023December 16th, 2023No Comments

The Financial Conduct Authority (FCA) expects that firms taking out Professional Indemnity Insurance (PII) in a currency other than the Euro must ensure that the minimum indemnity limits are met.  In order to make sure that these limits are correct you should ensure that when the policy is first effected (i.e. agreed) and at renewal, the appropriate exchange rate on that date is used.