Product Value Information Exchange
Thank you for your request in relation to the information exchange of products. As product manufacturer, our obligation is to provide you, as a distributor, with information on the main features of our products. We have therefore created the Distributor Product Information (DPI) document which provides the following information:
- Details of our product oversight and governance process.
- A summary of the customer benefits provided by the product as well as any cover restrictions and customer obligations.
- Details of the target market.
- Distribution strategy.
- Consumer Duty and Fair Value information (inclusive of the most recent fair value assessment for the product).
This document is based upon the 'LMA9197 Product value – Information Exchange Template' created by BIBA, IUA, LIIBA, LMA and MGAA’ but has been adapted to comply with Consumer Duty requirements. This document is intended for use by our distributors and not for customers or operational staff.
As a distributor of our products, and under regulations of PROD4, your responsibilities include:
- ensuring that the product(s) is distributed in accordance with the characteristics, objectives and needs of the target market;
- regular review of the product distribution arrangements to ensure that those arrangements are still valid and up to date; and
- the support of product reviews carried out by manufacturers by, upon request, providing us with relevant sales information, including, where appropriate, information on the regular reviews of the product distribution arrangements.
Therefore, 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.
|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)||Fair value||None identified|
|HSB Cyber Insurance||Fair value||None identified|
|HSB Computer Insurance||Fair value||None identified|
|HSB Computer Insurance (e-trade)||Fair value||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|
|HSB Terrorism Insurance||Fair value||None identified|