RC Pro IOBSP: what price and what obligations?

 RC Pro IOBSP: what price and what obligations?


Here is everything you need to know about professional insurance from IOBSP (banking and payment services intermediaries). As a credit broker, you must be covered by an RC Pro IOBSP for the duration of your activity, but very few insurers offer this contract. What are your specific needs as a real estate broker? What are the main risks in your business? When do you become responsible as an IOBSP? We explain everything to you and give you the list of the best insurance for a credit broker.

Summary

    What are the best RC Pro for an IOBSP?
    How does the professional civil liability insurance of the credit broker work?
    Is RC Pro IOBSP insurance compulsory?
    Credit broker, what are the other compulsory insurances?
    What are the prices of insurance for real estate brokers?
    Our insurance comparators for an IOBSP

What are the best RC Pro for an IOBSP?

There are many RCP insurance contracts available to insure you as a credit professional. Here we present the three main ones.
AIG
Guarantees
Professional liability, operating liability, financial guarantee, defense and recourse
Opinion
The best price on the market. A monthly payment without fees. Option RC Pro free insurance broker. Possibility of adding representatives (MIOB or MIOBSP) at no additional cost.
Contract canceled free of charge if ORIAS does not accept your application. Optional financial guarantee.
Rate
€ 693 / year with the broker Coover
Verspieren
Guarantees
RC pro, RC operating, Financial guarantee, Defense and Recourse, RC of the manager
Opinion
Full contract. In addition to the RC Pro insurance, Verspieren offers training to obtain IOBSP certification.
Rate
Quotation
CGPA
Guarantees
RC pro, RC operating, Financial guarantee, RC of the Corporate Officer
Opinion
A long-standing player specializing in regulated professions (insurance and credit broker, agent, CIF). A quality contract but a cumbersome subscription process with a paper questionnaire.
Rate
Quotation
RC Pro IOBSP Award
How does the professional civil liability insurance of the credit broker work?

The profession of intermediary in banking operations (IOB or IOBSP) is a profession regulated by ORIAS and under the supervision of the Banque de France. Pro RC is therefore compulsory and the contract must have a ceiling at least equal to € 800,000 per year and € 500,000 per claim. An IOBSP which collects funds from its clients must also be covered by a financial guarantee.

The RCP IOBSP protects you in the event of damage caused to a third party during your professional activity. This also concerns material, immaterial and bodily damage.
Civil liability pro
Main risks
Involvement of liability by a client who considers that the professional has not properly fulfilled his duty to advise. Example: your client's file is refused because you did not send the documents on time.
Probability
High
Comments
The guarantee limits of the contract are sufficient to protect you. Check whether the Operation Liability is included as it will be necessary in the event of damage caused to others in the course of the activity but not directly related to the latter.
Guarantee of recourse and criminal defense
Main risks
Proceedings initiated by your clients in the event of professional misconduct
Probability
High
Comments
Very useful if the event is excluded from the liability guarantee. Attention, exclusion of professional acts prohibited by law or not authorized for the insured
Juridic protection
Main risks
Dispute with a bank, another broker or a client.
Probability
High
Comments
Rather rarely included in RC Pro IOBSP contracts.
Is RC Pro IOBSP insurance compulsory?

Article R. 519-4 of the Monetary and Financial Code specifies that there are four types of IOBSP:

    Brokers in Banking Operations and Payment Services (COBSP):
    Exclusive agents in banking transactions and payment services (MOBSPL);
    Non-exclusive agents in banking transactions and payment services (MOBSP):
    Agents of intermediaries in banking operations and payment services (MIOBSP).

The credit broker's agent (MIOBSP, MOBSPL or MIOB) does not always have the obligation to cover. It may in fact be covered by the RC of the principal broker who employs it. However, some principals will require the attorney to also enter into a contract.
Credit broker, what are the other compulsory insurances?
Mutual health
Status
Mandatory if you have employees. Optional if you are self-employed.
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