THE VDVM INSURANCE BROKER IS ON YOUR SIDE
Today someone who wants to take out insurance – whether he is a private person or a company – has different possibilities to close a contract. One way is by means of advice and intermediation of an insurance broker. In contrast to other distribution channels an insurance broker is not tied to an insurance company thus being an absolute independent partner. Therefore he is also called “discretionary advocate” for your insurance interests. In other words: the insurance broker is on your side.
The job of an insurance broker is connected with a high level of responsibility. And therefore it is good for you that since the implementation of the EU guidelines for intermediaries in Mai 2007 you have the right to learn whether someone who wants to take out insurance with you advises you as independent insurance broker with an overview of the market or whether he works on behalf of one or several insurance companies.
All German insurance intermediaries – and thus also insurance brokers – are registered by the IHK. You can review via internet the registration and the status of an intermediary.
In accordance with the EU guidelines for intermediaries the German law under the Industrial Code, the Insurance Broking Act and the Insurance Contract Act provides the requirements for the professional qualifications, the reliability and the financial circumstances for a job as an insurance broker. Furthermore, it stipulates the duties to advice and to documentation.
In addition to these legal requirements insurance brokers have to prove a comprehensive knowledge of the insurance business and the actuarial practise, the insurance right of supervision and contract law as well as of the tax law and have to identify themselves with theto enable them to become a VDVM member. To protect his clients the VDVM broker has to maintain an errors and omissions liability insurance with a limit of indemnity which is the double of what is legally required according to section 9 of the Insurance Broking Act. Therefore, you are in goods hands with a VDVM insurance broker. The VDVM membership gives you the certainty to have a really professional partner.