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OC for a loan broker

A mortgage broker is required by Polish law to have a civil liability insurance policy. We can help you obtain such a policy quickly and in accordance with current regulations, and we’ll also let you know what documents are needed for the application.

Do you have any questions?

Give us a call. We speak Russian.

534 666 111

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Documents and Calculations - Fixed Assets of a Loan Broker

General Information

Property insurance covers all types of damage without the possibility of contractually limiting liability, through an insurance company.

  1. A mortgage broker must have civil liability insurance (CLI) covering damage caused by acts or omissions in the course of their business during the policy period, within the scope of their mortgage brokerage activities. The policy also covers damage caused through an agent of that mortgage broker.
  2. The obligation to maintain civil liability insurance begins no later than the day preceding the date on which activities in the field of mortgage lending brokerage commence. The minimum coverage amount for civil liability insurance, for a period not exceeding 12 months, is the equivalent in gold of 460,000 euros per incident, the consequences of which are covered by the civil liability insurance policy, and 750,000 euros for all such incidents.
  • consisting of damage to, destruction of, or loss of property caused by the insured or an agent of a specific mortgage broker for the spouses, ascendants, descendants, brothers and sisters, relatives of the same line or degree, a person who has been adopted, and including a spouse, to the same degree as the person with whom the insured or an agent of a specific mortgage lending intermediary is in a relationship;
  • caused by an insured person or an agent of a specific mortgage lending intermediary after that person was removed from the register of credit intermediaries, or the damage results from activities in the field of mortgage lending services prior to the person’s removal from the registry;
  • which consist of paying fines for breach of contract;
  • damage resulting from acts of war, civil unrest and riots, as well as acts of terrorism.

The above is based on the regulation issued by the Minister of Development and Finance regarding mandatory civil liability insurance for mortgage brokers (Journal of Laws 2017, item 1403), which took effect on July 22, 2017.

Law

Application

Download and fill out the application. Email it to us. polisarium@polisarium.pl

Have any questions? Give us a call

534 666 111 · We speak Russian

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