UK-registered international broker ICM.com has announced new civil liability insurance of up to 5 million British pounds, available to customers who trade with the broker’s FCA licensed entity.v
ICM.com indicated that “[the] new Civil Liability Insurance Programme protects ICM clients against losses caused by any error, omission, negligence, fraud, or the failure to perform its activities or services, for up to £5,000,000. The coverage is for any one-specific loss and in the aggregate including defense costs and expenses. The cost for the Civil Liability Insurance Programme will be absorbed by ICM.com and there will be no additional expenses for ICM clients.”
As such, customers now have secondary insurance on top of the Financial Services Compensation Scheme, which provides up to £85,000 per client in case of the firm’s UK entity default. The new policy is underwritten by Lloyd’s of London, one of the world’s leading insurance organizations, which has previously also been used by notable Forex brokers to provide protection and indemnity insurance to its customers.