Mobile Lending

From: John P


Hi guys, I am really interested in getting into mobile lending but have heard that it makes a lot of sense to get some "Professional Indemnity Insurance"

What I would like to know is :

What kind of things does this cover you for?

Can anyone recommend a good policy ?

How much $ would I be looking at?

Many Thanks


John_P
 
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Sim

Administrator
Reply: 1
From: Sim' Hampel


Personally, I'm not going to lend my mobile to anyone... you never know when they've got a long lost relative overseas they've been dying to call and leave you with the bill.

What's that ? You weren't talking about phones ? Hmm... must be getting towards that time of night again, sorry.

;-)

 
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Reply: 2
From: Rolf Latham


Hi John

AON based have a reasonably priced policy based on 1 2 and 5 mill limits - now theres a serious stuff up :eek:)

Indeed John, PI is pretty much mandatory for accreditation with most lenders these days, andd you would have to be a real nutter to go out there and advise on structures without it.

2 mill cover should cost you less than $ 1000 though a lot depends on your history etc.

Ta

Rolf
 
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Reply: 2.1
From: Kristine .


Rolf

My AON for $1m costs $1823 this year.

(whimper, whimper, whimper.....)

Kristine
 
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Reply: 2.1.1
From: Rolf Latham


Hi Kristine

That just means your profession has a higher claims ratio :eek:)

Could be worse- you could be in obstetrics abd looking at premiums exceeding 50 k

Ta

Rolf
 
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Reply: 2.1.1.1
From: Mark Laszczuk


How's this: not as bad as obstetrics, but still hurts. I was involved in a skateboard ramp construction business (not anymore though) only one insurance company would touch us, and they wanted 20K p.a. and an excess of 5K on claims...ouch!

Mark
'no hat, some cattle'
 
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