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Professional Indemnity Insurance and live trading systems

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    Professional Indemnity Insurance and live trading systems

    I'm doing a bit of work that, very tenuously, touches on financial trading systems. It doesn't execute trades, just uses them in a read-only way. My current PI insurer said they're OK for the latest renewal but don't want to do any more next year.

    Now I'm shopping around online, and the ones I've found so far have some variant of "do you work with trading systems?" and turn me down if I say yes. Even if I say "but it's totally harmless" in their follow-up for more info.

    So...have any of you succeeded in getting PI for that sort of thing & can you tell me where?

    #2
    Originally posted by thunderlizard View Post
    It doesn't execute trades,
    If it doesn't execute trades its not really a trading system. So you should answer 'no' you don't.

    Comment


      #3
      Originally posted by Fraidycat View Post

      If it doesn't execute trades its not really a trading system. So you should answer 'no' you don't.
      I suspect the touching a trading system is enough to put them off

      In reality anything to do with money really scares indemnity firms
      merely at clientco for the entertainment

      Comment


        #4
        Originally posted by Fraidycat View Post

        If it doesn't execute trades its not really a trading system. So you should answer 'no' you don't.
        Depending on the precise wording, don't do that, as it will probably render the insurance completely useless; that is, unless you're looking for a fig-leaf only.

        I would be very surprised if Hiscox didn't underwrite PI for financial market trading but, if all else fails, then simply go to a specialist broker for financial market traders and pay the extra - there will be a bunch of those brokers out there. There are brokers for pretty much every market sector.



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          #5
          who do you use currently?
          I use QDOS and have never been asked that question. I use "IT Contractor" as the business.
          £213 for £2m PI cover
          See You Next Tuesday

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            #6
            Thanks for the replies. I’ve been trying to look for specialist brokers but haven’t found any so far so suggestions welcome.

            I’ll look into QDOS. Fraidycat & jamesbrown - yes that idea did cross my mind because different providers do word it differently. For the ones that say “involve” or “include” I think I’d have a strong case for saying no, while being true to the letter and the spirit of it, but I’d expect a fight. And it would be nice to be able to move into the execution side in the future.

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              #7
              Quick google revealed this, fwiw:

              https://www.blackfriarsgroup.com/fin...ity-insurance/

              Obviously, no idea if they are good. Anyway, I'm sure they are out there. Remember, it's going to be on a claims made basis and you don't want to be fighting about it when dealing with a claim, so you should read the policy words conservatively, assuming you want actual insurance and not merely the illusion of it to meet some contractual obligation.

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                #8
                Originally posted by jamesbrown View Post

                I would be very surprised if Hiscox didn't underwrite PI for financial market trading
                Thanks...Hiscox didn't ask about it in their questionnaire or mention in in their wording so I've gone with them.

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