Where to get an Insurance Bond for a client account?

N

Narcissus

Registered User
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Hi,

I am currently setting up a company which requires a bond to the value of €1M to protect my client account in the unlikely event of bankruptcy. Does anyone know if this is just a general insurance policy or is there a specialist firm i must use? If so, who?
 
Hi,

This is indeed a specialist product, possible Insurers are Hibernian, Allianz or Euler Hermes in London. You need to find a broker though to deal with this,idealy one specialising in this area. For a start up you may need to put up security as Insurers generally look for a few years trading accounts.
 
a BOND is different to an insurance POLICY.

With a Policy, the insurer takes the premium and pays the claim if it arises. With a Bond, you and the insurer are bbonded to each other. in the event of a claim, the insurer pays, but you must repay the amount paid out.

€1m seeks very high. what type of business are you getting into?
 
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