News & Events

Lockton Professional Indemnity Payment Monthly DD

Thu Mar 19 2020

Dear Member,

Brokers Ireland have liaised with Lockton regarding Professional Indemnity payment on a monthly DD.

Lockton’s provide a monthly direct debit facility with Close premium finance for members whom may wish to spread their Professional Indemnity premium over 10 months.

Please see below the example and the required documentation to set this facility up. If you have any further queries please contact Sean Jennings on  018585201 or email at sean.jennings@ie.lockton.com

Payments are over 10 months and below is an example of typical broker payment for a minimum premium (€735.00)

 Details  Close Brothers Premium Finance
Number of instalments 10
The Gross Credit Rate 4.9%
The APR 14.50%
Monthly payment amount 77.10
The total cost of repayments (excluding Facility Fee) 771.02
Facility Fee 15.00
Total Cost 786.02

Broker are required to send:

  • tax clearance certificate in their trading name
  • proof of address (bill or bank statement in the last 3 months)

If Brokers operate as sole traders a copy of their driver’s licence or passport is also required. If you have any further queries please contact Sean Jennings on  018585201 or email at sean.jennings@ie.lockton.com