Product Value Information Exchange
Thank you for your request in relation to the information exchange of products. As HSB is the manufacturer of the products, and in accordance with FCA PROD rules 4.2.14 P, we have detailed the information using the main headings of the 'LMA9197 Product value – Information Exchange Template' created by BIBA, IUA, LIIBA, LMA and MGAA.
The FCA PROD 4.3.2A rules state that "In relation to a non-investment insurance product, the arrangements in PROD 4.3.2R must enable the distributor to understand the outcome of the value assessment required by PROD 4.2.14AR and, where relevant, PROD 4.2.14BR". Therefore, we have noted all our products below and the status for each of the fair value assessments undertaken.
You will shortly receive a questionnaire from HSB via email that will ask you some questions to allow us to complete the distributor information that we are required to obtain.
If you wish to discuss any information in the PIET documents and/or the fair value assessments, please contact your HSB Business Development Manager.
Product Fair Value Assessments
|Core product||Fair value assessment|
|Outcome||Any identified group of customers* for whom the insurance product is not expected to provide fair value|
|HSB Construction Insurance (annual)||Fair value||None identified|
|HSB Annual Construction Insurance (e-trade)||Fair value||None identified|
|HSB Construction Insurance (project)||Fair value||None identified|
|HSB Project Construction Insurance (e-trade)||Fair value||None identified|
|HSB Contractors' Plant Insurance||Fair value||None identified|
|HSB Contractors' Plant Insurance (e-trade)||Fair value||None identified|
|HSB Machinery and Technology Combined||Fair value||None identified|
|HSB Machinery and Technology Combined (e-trade)||Not required as in its first year of trading||None identified|
|HSB Cyber Insurance||Fair value||None identified|
|HSB Cyber Insurance (e-trade)||No longer trading||None identified|
|HSB Computer Insurance||Fair value but monitoring required||None identified|
|HSB Computer Insurance (e-trade)||Fair value but monitoring required||None identified|
|HSB Machinery Inherent Defects Insurance (loss of income) / (loss of rental income)||Fair value||None identified|
|HSB Energy Efficiency Insurance||Fair value||None identified|