Allianz Insurance for Credit Intermediaries
Protection for Credit Intermediaries
Allianz Credit Intermediaries Insurance was developed to protect professionals and companies authorized to engage in credit intermediation, providing Professional Liability coverage while they carry out their activities and ensuring compliance with applicable laws.
Who is this insurance intended for?
This insurance is intended for entities legally authorized to operate as credit intermediaries, namely:
- Individuals and legal entities registered with the Bank of Portugal;
- Entities authorized to provide consulting services regarding credit agreements;
- Credit intermediaries from other European Union Member States that are legally authorized to conduct business in Portugal;
- Authorized payment institutions and electronic money institutions.
This insurance is required in order to carry out this activity.
What are the duties of a credit intermediary?
• Offering or proposing consumer credit agreements;
• Providing assistance to consumers by performing preparatory acts or other pre-contractual administrative tasks related to credit agreements that were not submitted or proposed by the consumer;
• Entering into credit agreements with consumers on behalf of lenders.
What does Credit Intermediary insurance cover?
The insurance covers professional liability arising from the credit intermediary’s activities, including, where applicable, the provision of consulting services.
What is the minimum required capital?
| Type of Intermediary | Capital Insurance |
|---|---|
| Mortgage | €460,000 per claim €750,000 per annuity |
| Non-Real Estate Loans (Individuals) | 250,000 € per claim annual premium |
| Non-Real Estate Credit (Legal Entity) | 500,000 € per claim annual premium |
What is not covered by the insurance?
Among the main exclusions are:
- Criminal or administrative liability of the insured;
- Non-property damages resulting from acts or omissions by the insured;
- Damages caused to the Policyholder, when different from the insured.
To learn about all exclusions, please refer to the General Terms and Conditions of the policy.
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Each credit intermediary has its own characteristics, including turnover, the type of business it conducts, and the services it provides. Our team is available to review your situation and propose a solution tailored to the needs of your business.
Frequently Asked Questions
Who should purchase Allianz Credit Intermediaries Insurance?
This insurance is intended for individuals and legal entities authorized to operate as credit intermediaries and registered with the Bank of Portugal or the relevant authorities.
Is Allianz Credit Intermediaries Insurance mandatory?
Yes. The law requires credit intermediaries covered by Decree-Law No. 81-C/2017 to take out professional liability insurance.
What does Allianz Credit Intermediaries Insurance cover?
The insurance provides coverage for professional liability arising from credit brokerage activities and, where applicable, from the provision of consulting services.
How is the premium calculated?
The premium depends on the entity's revenue and the mandatory liability coverage required for its business activity.
What is the applicable deductible?
The deductible is 10% of the compensable losses, with a minimum of 500 €.
