Summary:
EBC purchases Professional Indemnity insurance (PI insurance) with over US $10 million of coverage from Lloyd's of London and AON.
As a global financial brokerage, EBC offers clients comprehensive and secure trading services by constructing a multi-level protection system. To do so, the company procures insurance with coverage exceeding $10 million annually from Lloyd's of London and AON.
1. An Introduction on Two Authoritative Insurance Specialists
Lloyd's of London is a world leading insurance and reinsurance marketplace with a network of over 380 registered brokers and more than 4,000 authorized underwriters. It offers specialized risk mitigation solutions and compensation mechanisms to over 200 countries and regions. Lloyd's establishes a multi-level compensation structure and a fund security chain with premium trust funds, members' funds, and the Lloyd's Central Fund. Its in-house funds and co-insurance maximize the fulfillment of compensation obligations.
AON is the world's largest reinsurance brokerage firm; and one of the largest global consulting companies. It possesses unparalleled expertise in underwriting special risks, providing professional and customized solutions to insured parties.
Leveraging the professional indemnity insurance from Lloyd's and AON, EBC provides comprehensive protection to traders worldwide through the integration of its expertise in multiple fields.
2. An Even Higher Standard for PI Insurance
Recently, regulators worldwide have been tightening compliance standards to address the potential systematic risks in the global economy. They also bring the licensed brokerages to the scope of mandatory compliance by requiring them to establish comprehensive protection systems.
PI insurance is one of the core compensation mechanisms designed for the fulfillment of the needs of protection from special risks.
Therefore, to fulfill the regulatory obligations in the supervisory framework, EBC buys PI insurance from the world’s leading insurance specialists like Lloyd’s of London and AON. Within the areas of coverage, the insurers will make full compensation for client’s loss claims resulting from possible negligence or errors by the insured party during service provision.
Due to the unique nature of the trading industry, insurers have to undergo a comprehensive evaluation of brokerages before accepting their appointment. They would review multiple factors including the brokerage’s business structure, financial information, rick control structure and the availability of claims information etc.
As a top-tier, regulated international brokerage, EBC plays an active role in fulfilling the compliance principles of FCA in the UK and ASIC in Australia. Thanks to the possession of extensive market experience and visionary concepts in service provision, EBC has passed the qualification of Lloyd's and AON.
To ensure the protection of clients, the FCA in the UK and ASIC in Australia sets the minimum limit of PI insurance coverage to £1 million (FCA) and AU $2.5 million (ASIC). In addition, licensed finance institutions are required to have the ability for ongoing coverage. They should have the capacity to handle compensation in dispute resolutions as well.
To avoid the possibility of any unexpected risk, EBC believes it is necessary to provide clients with comprehensive protection. Therefore, we opt for PI insurance with an annual coverage over US $10 million to ensure continuous and specialized protection for all clients. It far exceeded the requirement of regulators.
EBC firmly believes every dedicated trader should be served brilliantly. In order to build a comprehensive global financial ecosystem with industry-leading service and visionary concepts, EBC is committed to attain an even higher industry standards within the framework of compliant operations.
In our belief, the standard of services lies on the true needs of partners rather than the height set by the industry. It is rooted not only in the “trust and respect”, but also our brand value.
EBC believes only time will enable your better understanding of us.
EBC's charity initiative spreads joy and support to students at The Blind School of Maha Phai Pattaya, creating change through heartfelt connections.
2024-12-16
Discover how EBC's US Stock CFDs open exciting trading opportunities, giving you access to top US companies with flexible, cost-efficient options.
2024-12-13
David Barrett, CEO of EBC Financial Group (UK) Ltd., highlights carbon pricing's role in driving innovation and sustainable growth in the evolving green economy.
2024-12-09
