Professional indemnity insurance

Pursuant to Art. 32 FinSO, the statutory liability arising from pecuniary loss must be insured with a professional liability insurance policy, which can be taken out either by the client adviser herself/himself or by the financial services provider.

The amount insured or covered available for all losses within one year must be at least of Fr. 500,000 and has the purpose of insuring financial losses resulting from a violation of professional due diligence duties in the exercise of the activity as financial service provider or client adviser. Where the insurance is taken out by a financial service provider which employs several client advisers, the minimum amount insured must be at least:

Where there are 2-4 client advisers: Fr. 1.5 million;
Where there are 5-8 client advisers: Fr. 3 million;
Where there are more than 8 client advisers: Fr. 10 million.

Alternatively, based on Art. 33 FinSO, a deposit in the amount of the insurance sum can be placed with a bank and, with the consent of the registration body, recognized as collateral equivalent to professional indemnity insurance.