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

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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.


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Reply: 2.1
From: Kristine .


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

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

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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


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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!

'no hat, some cattle'
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