It is well known that the forthcoming implementation of the EU Insurance Mediation Directive in Germany will lead to important changes affecting the status, working methods, business opportunities and, above all, the liability situation of insurance intermediaries. A central role is played here by the pecuniary loss liability insurance (VSH), which is obligatory for insurance intermediaries. One problem here is that due to the large amount of information, even industry insiders have difficulties finding their way around and can hardly distinguish half-truths from factually correct information. It is therefore essential to know the basics of VSH in order to be able to assess the corresponding products. In the following a checklist of the Munich law firm Fiala & Weber (firstname.lastname@example.org or www.fiala.de) for the examination of the pecuniary damage liability insurance for insurance intermediaries: – Is there a coupling of turnover obligations or productivity to the existence of the VSH? Such ties can create dependencies that restrict independent intermediaries in their activities. – What is the legal status as a VSH intermediary? The well-known differences between brokers and agents also exist in VSH. – How attractive is the overall package? Are “low-cost” premiums realized solely through membership fees? What additional services (technical support, strategic coaching, software, etc.) are included in the package? – Is there a contact person available in the event of a claim who will take care of the competent settlement and represent your interests? – Do the known risks of so-called “accumulation cover” exist? Is the sum insured sufficient for the VSH insured community? – Does the VSH broker himself have suitable insurance cover? In the event of an emergency, this could prove to be a form of reinsurance.
(VI Report (Financial Performance) 7.2006, 2)
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Dr. Johannes Fiala has been working for more than 25 years as a lawyer and attorney with his own law firm in Munich. He is intensively involved in real estate, financial law, tax and insurance law. The numerous stages of his professional career enable him to provide his clients with comprehensive advice and to act as a lawyer in the event of disputes.
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