The Euro is plummeting against the Sterling ! Not very exciting news, except if you sell any insurance products ! The IMD (Insurance Mediation Directive) states what is the minimum levels of Professional Indemnity cover you must have.
The EU Directive states the minimum level of Professional Indemnity cover required at renewal or inception of your policy in Euros. It is stated that you must carry a minimum of € 1,680,300 annual aggregate or €1,120,200 any one event.
The exchange rate today is 1 € = 0.856829023 which means limits have to be £959,820 any one claim or £1,439,729. We have increased our limits of Indemnity under the Professional Indemnity sections of our Combined Liability for Travel Agents and Tour Operators policy and our Travel Agents Office Combined insurances £1,750,000 from £1,500,000 to protect clients and to ensure that we are ahead of future Euro fluctuations.