The pecuniary loss liability of the insurance broker and other financial service providers

What benefits the policyholder can expect from the insurer Passive insurance The aim of the insurance cover is to keep the policyholder free from liability obligations (BGH NJW 1967, 2203). This will also include claims for injunctive relief and removal pursuant to Section 1004 of the German Civil Code, for example in the case of […]

How much protection does the new compulsory pecuniary loss liability insurance offer for financial investment intermediaries licensed in future under § 34 f GewO?

  From the series of newsletters of the DHBW (Baden-Wuerttemberg Cooperative State University) Heidenheim on the topic “Mediation Law in Practice”: At this point, lawyer Dr. Johannes Fiala, https://www.fiala.de, lecturer for insurance law at the DHBW Heidenheim, will answer your questions. Questions can be asked by emailing ott@dhbw-heidenheim.de.   This field initially contains three areas, […]

How much protection does the new compulsory pecuniary loss liability insurance offer for financial investment intermediaries who will in future be licensed in accordance with § 34 f GewO?

From the series of newsletters of the DHBW (Baden-Wuerttemberg Cooperative State University) Heidenheim on the topic “Mediation Law in Practice”: At this point, attorney-at-law Dr. Johannes Fiala, https://www.fiala.de, lecturer for insurance law at the DHBW Heidenheim, your questions. Questions can be asked by emailing ott@dhbw-heidenheim.de.   This field initially contains three areas, namely (a) open-ended […]

Typical gaps in protection in the financial loss liability insurance of the guardian

CONTENTS   I. Liability in the event of delegation of tasks II. Particular gaps in cover for voluntary guardians III Further questions regarding adequate insurance cover arise for the professional guardian: Consequences of partnership, cooperation and office sharing No pecuniary loss insurance for lawyers and tax advisors in the case of commercial activity as guardian […]

Financial loss liability insurance for intermediaries when operating beyond the borders of Germany

by Ralf W. Barth, pecuniary loss liability broker (www.rwb-finanz.de) and Johannes Fiala, lawyer (Munich), M.B.A. (Univ.Wales), M.M. (Univ.), certified financial and investment advisor (A.F.A.), EC expert (C.I.F.E.), banker (www.fiala.de ) The prime case: As is well known, the retirement provisions of entrepreneurs in Germany can hardly be protected from the access of third parties in […]

Neither liability umbrellas nor structured distributors protect intermediaries from personal liability

– When sellers, intermediaries and advisors are themselves in the fire in the case of insolvent investments –   A well-known structural distributor was ordered to pay damages by judgment of 31.07.2014 (LG Frankfurt/Main, Case No. 2-32 O 154/13) because an investment advisor insufficiently informed about risks of a real estate fund. Structural distributors and […]

Stress test by financial regulator leads life insurance company into insolvency

– What are the scenarios of settlement in insurance due to low interest rates ? –   Customers of life insurers are shaken: on 16.12.2014, the business press reported that a Swiss life insurer had now filed for insolvency, and had become a victim of low interest rates. The 13,000 policies were taken over by […]

Massive investor losses due to overly safe investments

– Why the Small Investor Protection Act does not protect against investment losses due to low interest rates –   Obligation to provide investor-friendly advice According to the BGH Bond ruling (Federal Court of Justice ruling of 14.06.2007, Ref. XI ZR 12/93), all investment advice must be appropriate to the investor and the property. Investor-oriented […]

Professional liability insurance for doctors and dentists

– LegalLegal regulation of medical liability through the Patients’ Rights Act (PatRG) since 26.02.2013 –   Up to more than 170,000 medical malpractice cases – without compulsory insurance? Experts estimate that there are up to more than 170,000 medical malpractice cases per year. Until the PatRG came into force, there was only case law on […]

Re-insurance by financial brokers and insurance brokers often without information about disadvantages

– When substitution of investments and insurance leads straight to liability –   By judgment of 24.07.2015, the OLG Cologne (Case No. 20 U 44/15) ruled that termination and sale of life insurance policies is typically associated with significant disadvantages. Since every insurance broker knows this, he has to point out the disadvantages. If the […]