What we do not do
- No credit or mortgage advice
- No investment advice
- No pension intermediation
Insurance for financial service providers
Advisers, insurance intermediaries, accountants and bookkeeping firms mainly run a liability risk. We insure that. We do not advise on the financial products you recommend to your clients.
- several insurers compared objectively
- 9.5 customer rating for a new policy
- AFM licence 12016589
- Personal 072 - 509 24 56, weekdays 9–17
This page in another language: Nederlands
Work out for yourself what it would cost.
Enter your details; you will receive a proposal within one working day.
- We compare the offerings of several insurers
- An adviser checks whether the cover suits your activities
- We arrange the switch, including cancellation
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
- Independent advice
- Several insurers
- Switching arranged
- Help with claims
In brief
Finass Verzekert (AFM 12016589) advises and acts as an intermediary in non-life insurance. For firms in financial services that means we insure your business risks, not the products you act as an intermediary for. Advice on credit, investments, mortgages or pensions falls under other licence categories.
The heaviest risk in this profession is the professional error: a risk assessed incorrectly, a change not passed on, a deadline missed. For financial services firms with a licence under the Dutch Financial Supervision Act (Wft), a professional indemnity insurance is also a legal requirement. If you advise on credit, the statutory warning applies in full towards your client: note that borrowing money costs money.
There is also the data risk. You process personal data and payment details. A data breach or a ransomware attack brings your office to a standstill. See cyber insurance for insurance intermediaries.
Insurance never stands alone
A mortgage, loan or investment often touches your insurance too. We look at the bigger picture and point you to the right specialist whenever something falls outside insurance itself.
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Who does what: us or another licence holder?
The division of roles in three cards, with below each task the person who carries it out.
What to look out for
What to check in your own policy conditions.
- The insured capacity
- Retroactive and run-off cover
- Sum insured per year
What we do provide
The general insurance policies for your firm.
- Professional indemnity and public and employers' liability
- Cyber and data breaches
- Business contents and business interruption
What is covered
| Situation | At Finass Verzekert | With the licensed provider |
|---|---|---|
| Advice on credit, mortgages or investments | No | Yes |
| Intermediation in pension and life insurance | No | Yes |
| Assessment of your Wft licence application | No | Yes |
| Professional indemnity insurance (BAV) for your firm | Yes | No |
| Cyber insurance and support with a data breach | Yes | No |
| Business contents, glass and business interruption cover for the office | Yes | Provided that |
What is actually covered is set out in the policy conditions and the insurance card (verzekeringskaart) you receive before you take out the policy.
What to look out for when comparing
- Insured business activity: does the description cover all your activities
- Sum insured: consider the limit per claim and per insurance year separately
- Retroactive cover: for mistakes made before the start date
- Run-off cover: when you cease trading, sell up or move to another insurer
- Excess per claim: a low amount shifts costs into the premium
- Cyber and data processing: the obligation to report data breaches affects almost every firm
This overview is general in nature and is not personal advice.
How it works
- You describe your servicesWhich activities you carry out and under which licence.
- We determine the insured capacityThat description governs what will be covered later on.
- We compare the conditionsOn retroactive cover, run-off cover, limits and excess, not just on premium.
- You report changesYou tell us in good time about new services or an acquisition.
Why arrange it through Finass Verzekert?
We look at the terms as well as the premium, and stay your point of contact when there is a claim.
Independent
We are not tied to one insurer and compare on the basis of an objective analysis of several companies.
One fixed adviser
You call or email someone who knows your file. No menu options, no changing call centres.
Switching without hassle
We cancel your old policy and align the start date, so you are never a day without cover.
Help with claims
We report the claim and monitor how it is handled. In urgent cases you can reach us on the emergency line.
9.5New policy
9.8Claims handling
Customers rate our service on four aspects: personal service, service delivery, availability and the outcome. The reviews are collected and published by NH1816 and come from customers who have actually taken out a policy with Finass Advies B.V. or reported a claim.
Where policies in this profession fall short
Four points that determine whether your professional indemnity policy actually pays.
The insured capacity is described too narrowly
A policy covers only claims arising from the activities described. If you expand into mortgage advice, pension advice or bookkeeping, for example, that falls outside the cover unless the policy is amended. Have the insured capacity revised as soon as your services change.
Retroactive and run-off cover determine what is still covered
Most policies work on the basis of when the claim is notified. Mistakes made before the start date are only covered with retroactive cover, and after you cease trading or transfer the business you need run-off cover. Without those two a gap arises that hurts years later.
Liability is not the same as damage to property
Professional indemnity insurance (BAV) pays for financial loss caused by an error in advice or administration. Injury or damage to visitors' property falls under public and employers' liability insurance (AVB), and claims against directors personally fall under yet another policy. Those are three different covers.
Fines, intent and known claims remain at your own expense
Administrative fines, disciplinary measures and regulatory sanctions cannot be insured. Claims that were already known when the policy was taken out also fall outside the cover, as do intent and wilful recklessness. The latter follows from 7:952 DCC. Working without the required licence is excluded as well.
Frequently asked questions
This is what people ask us most.
Does Finass Verzekert advise on the financial products I sell?
No. Our AFM licence covers general insurance. Advice and intermediation in credit, mortgages, investments and pensions fall under other licence categories. We refer you on for those subjects. What we do is insure your own firm against liability, cyber incidents and damage.
Is professional indemnity insurance compulsory?
For financial services firms with a Wft licence, professional indemnity insurance (BAV) is a legal requirement, with minimum amounts that are index-linked periodically. Even without that requirement the cover is practically indispensable: a single error in advice can exceed a small firm's annual turnover.
What happens to claims after my firm closes?
Claims can come in years after a piece of advice. Without run-off cover there is no insurance left at that point, even though the mistake was made during an insured period. Agree the run-off period when you cease trading or transfer the business; arranging it afterwards is usually no longer possible.
Does cyber insurance also cover a fine from the regulator?
Usually not. A cyber policy normally pays for investigation, restoration, notification costs and business interruption after an incident. Fines under the GDPR or other supervisory legislation cannot be insured in the Netherlands. Loss caused by known, unremedied vulnerabilities also often falls outside the cover.
Every situation is different. For these situations we have a separate page.
- Finance: we refer you onThe main page
- Property funds and insuranceNo investment advice, funds and entities, referral
- Financing and insuring a renovationNo finance advice, building work, referral
- Property finance and your insuranceNo finance advice, insuring the security, referral
- Business services: financing and insurancePlease note: borrowing money costs money, cash flow, professional indemnity
- A buy-to-let mortgage and your buildings insurance (opstalverzekering)No mortgage advice, let home, referral
- Insurance for financial servicesDuty of care, supervision, long tail
- Liability insurance for business servicesAdvice and intermediation, financial loss, time limits
Read more
Is your firm properly insured?
Have the insured capacity, the limits and the retroactive and run-off cover compared with your current policy.
Prefer to call? 072 - 509 24 56, weekdays 09:00–17:00.
Claim on the road? Emergency line 06 - 55 20 40 72.
About our service
Finass Verzekert is a trading name of Finass Advies B.V. We advise on and arrange non-life insurance on the basis of an objective analysis of several insurers, and receive commission for this from the insurer, which is included in the premium. You pay no separate advice fee. Before you take out cover, we establish your wishes and needs.
You will find our licence, KvK and Kifid details and our complaints procedure at the foot of every page.
This page was compiled by Finass Verzekert (LinkedIn). Last updated on .
The information on this page is general in nature and is not personal advice.