# Insurance for insurance brokers, investment intermediaries and mortgage intermediaries in Germany

> An application that was never passed on, a notification to the insurer that was forgotten, a fund recommendation that does not suit the investor: intermediaries are liable for advice errors, and German law makes insurance against them a condition of the trade licence. We are brokers ourselves under § 34d of the Trade Code (GewO) and know this duty from our own practice. This page explains the sums that apply and what they cost.

Quelle/Source: https://www.nammert.com/en/business-insurance-financial-intermediary.php  
Updated: 2026-09-18

## Do I need a separate policy for each licence?

Not necessarily. Many insurers cover § 34d, § 34f and § 34i in one policy but charge a separate premium for each licence. What matters is that each licence is confirmed with its minimum sum, because the chamber of commerce (IHK) only enters you in the intermediary register once the insurance confirmation for that licence has been received.

## At a glance

- **Compulsory:** Professional indemnity as a condition of the licence under the German Trade Code (GewO): § 34d at least 1,564,610 euros per claim and 2,315,610 euros per year, § 34f at least 1,276,000 euros per claim, § 34i its own sum. Tied agents whose liability is assumed by an insurer are exempt
- **Biggest risk:** Advice and documentation errors that cost clients their insurance cover or their money
- **Basic cover from:** around 540 euros a year for the compulsory cover of a small broker under § 34d
- **Statutory accident insurer:** VBG (the Berufsgenossenschaft for administrative professions), compulsory with employees
- **Often forgotten:** Embezzlement by your own staff is a fidelity loss and is not covered by the compulsory policy
- **WZ 2025 / NACE:** 64.11 Zentralbanken, 64.19 Kreditinstitute, ohne Spezialkreditinstitute, 64.21 Beteiligungsgesellschaften, 64.22 Finanzierungs-Conduits, 64.31 Investmentfonds, 64.32 Treuhandfonds, Nachlass- und Treuhandkonten, 64.91 Institutionen für Finanzierungsleasing, 64.92 Spezialkreditinstitute, 64.99 Sonstige Finanzdienstleistungen a. n. g., 65.11 Lebensversicherung, 65.12 Nichtlebensversicherungen, 65.20 Rückversicherungen, 65.30 Pensionskassen und Pensionsfonds, 66.11 Effekten- und Warenbörsen, 66.12 Effekten- und Warenterminhandel, 66.19 Sonstige mit Finanzdienstleistungen verbundene Tätigkeiten, 66.21 Risiko- und Schadensbewertung, 66.22 Tätigkeiten der Versicherungsvermittlung, 66.29 Mit Versicherungsdienstleistungen und Pensionskassen verbundene Tätigkeiten a. n. g., 66.30 Fondsmanagement

## What goes wrong in this trade

- **A gap in the client's cover:** A broker forgets to adjust the sum insured after an extension, and the client is underinsured when fire strikes. He claims the difference from the broker.
- **Not passed on:** Applications, cancellations, notifications of increased risk and claim reports left lying around are among the most common intermediary claims.
- **The wrong investment:** A fund recommendation does not match the client's risk appetite and the advice record is thin. After a price fall, the investor sues.
- **Mortgage finance:** An unsuitable fixed-rate period, an overlooked subsidised loan or a wrongly calculated requirement lead to large claims on residential mortgages.
- **Client data:** Health details, bank data and copies of ID sit in the broker management software. Attacks on it trigger reporting duties and loss of trust.
- **Fidelity:** An employee with access to accounts or premium payments diverts money. No liability policy pays for this, only fidelity cover.

**Risk radar** (Compared with other trades, 1 low to 5 high.): Liability 5, Fire and water 1, Theft 2, Cyber 4, Downtime 2, Health 2

## The insurance you need

- **Professional indemnity** (Essential): Required by law for the licence under § 34d, § 34f and § 34i GewO; pays your clients' financial losses from advice and brokerage. https://www.nammert.com/en/insurance-broker-professional-indemnity.php
- **Cyber insurance** (Strongly advised): Covers forensics, recovery and reporting duties if broker software or email accounts are attacked. https://www.nammert.com/en/insurance-broker-cyber-insurance.php
- **Business liability** (Strongly advised): Pays for injury and property damage in the office and at client meetings; professional indemnity excludes these. https://www.nammert.com/en/insurance-broker-business-liability.php
- **Occupational disability** (Strongly advised): A client portfolio depends on your service; if the owner is out of action, the income collapses. https://www.nammert.com/en/insurance-broker-occupational-disability.php
- **Business contents** (Depends on the business): Replaces office furniture and equipment after fire, escape of water or burglary. https://www.nammert.com/en/insurance-broker-business-contents.php
- **D&O insurance** (Depends on the business): For managing directors of a broker GmbH or a financial sales organisation who are liable to the company. https://www.nammert.com/en/insurance-broker-directors-and-officers.php
- **Business legal expenses** (Depends on the business): For disputes over commission clawbacks, broker contracts and staff. https://www.nammert.com/en/insurance-broker-business-legal-expenses.php

## What it costs: example prices

The premium is usually calculated as a rate per thousand of annual turnover, with a minimum premium per licence. Sums above the compulsory cover and lower deductibles raise the price.

| Insurance | Example | Typical range |
| --- | --- | --- |
| Professional indemnity | Insurance broker under § 34d, compulsory cover, turnover up to 60,000 euros | around 540 to 900 euros a year |
| Professional indemnity | Brokerage under § 34d, turnover 250,000 euros, 2 million euros cover | around 2,000 to 2,800 euros a year |
| Professional indemnity | Add-on for investments under § 34f, open-ended investment funds only | from around 420 euros a year extra |
| Professional indemnity | Mortgage intermediary under § 34i, turnover up to 30,000 euros | around 130 to 300 euros a year |
| Cyber insurance | Brokerage with three workstations and broker software | around 300 to 900 euros a year |

For comparison: The compulsory cover of a small broker costs about as much a year as the ongoing commission from 25 to 40 personal liability policies.

_Guide prices excluding German insurance premium tax, as of September 2026, from a publicly available rate sheet and our own quoting experience; cyber is a guide value from our quoting experience. We obtain the exact quote for you._

- [IHK Frankfurt am Main: Merkblatt für Versicherungsvermittler](https://www.frankfurt-main.ihk.de/standortpolitik/finanzplatz-frankfurt/finanzdienstleister-am-finanzplatz-frankfurt/brancheninformationen/versicherungsvermittlung-nach-34d-gewo/versicherungsvermittlerrichtlinie/merkblatt-fuer-versicherungsvermittler-mit-erlaubnis-5248468)
- [R+V: Tarifblatt Vermögensschaden-Haftpflicht Versicherungsvermittler](https://online.ruv.de/ruvdownloads/makler/vertriebsdownloads/ruv-vshp-versicherungsvermittler-berater?action=download)
- [finanzchecks.de: Haftpflicht Immobiliardarlehensvermittler](https://www.finanzchecks.de/vermoegensschadenhaftpflichtversicherung/immobiliendarlehensvermittler)

## Our suggestions: three packages

- **Licence** (Sole broker or multiple agent under § 34d, starting without an office): Professional indemnity. Together: around 540 to 900 euros a year
- **Brokerage** (Office with employees, § 34d and § 34f, own premises): Professional indemnity, Cyber insurance, Business liability, Business contents. Together: around 1,800 to 4,000 euros a year
- **Sales firm** (GmbH with several licences, mortgage finance and a management team): Professional indemnity, Cyber insurance, Business liability, Business contents, D&O insurance, Business legal expenses. Together: around 4,500 to 10,000 euros a year

## The worst day in a brokerage

Six things that really happen in intermediaries' offices, all on a single day. Tap through the day and see who pays.

- 08:05: A business client has had a fire. The sum insured was never adjusted after the warehouse extension, and the insurer cuts the payment for underinsurance. (€90,000, Paid by: Professional indemnity)
- 09:50: A claim report sat in the inbox for three weeks. The insurer relies on the late notification. (€14,000, Paid by: Professional indemnity)
- 11:30: An investor sues after losses on a property fund: the advice record does not mention the risk of total loss. (€45,000, Paid by: Professional indemnity)
- 13:15: The broker management software is encrypted. Forensics, recovery and informing 2,000 clients. (€26,000, Paid by: Cyber insurance)
- 15:40: A client falls on the stairs to your office and breaks her hip. (€20,000, Paid by: Business liability)
- 17:30: An insurer claws back commission for cancelled policies; you consider the claim wrong and take legal action. (€8,000, Paid by: Business legal expenses)

**Damage so far:** €203,000

## Practical tips from your broker

- Have the compulsory sums confirmed separately for each licence; higher minimum sums have applied under § 34d since October 2024.
- Choose cover above the compulsory sum if you look after business clients or company pension schemes; single claims there are large.
- Agree that the insurer waives its right to cancel after a claim, so that your licence does not hang on a single claim.
- Add fidelity insurance if staff have access to client money or accounts.
- Check whether introducers, sub-brokers and employed advisers are covered by your policy or need their own.
- Keep your advice records backed up off site in an audit-proof form; in a dispute they are your most important defence.

## Why NAMMERT for your business

- **We are brokers ourselves:** NAMMERT works under a licence according to § 34d(1) GewO. We know compulsory cover, registration and documentation from our own office.
- **We know claims handling from the inside:** In boat insurance we settle claims ourselves. We know how an insurer examines an advice error and which documents count.
- **We compare the market:** As a broker we collect quotes from several insurers and look closely at rates, minimum premiums and clauses for multiple licences.
- **Family business since 1989:** No cost to you, as the insurer pays our commission. One contact for your office and private matters.

## FAQ

### What minimum sum applies to insurance intermediaries under § 34d?

Since 9 October 2024 at least 1,564,610 euros per claim and 2,315,610 euros for all claims in a year. The sums are regularly adjusted for inflation.

### What does professional indemnity for brokers cost?

For a small broker with compulsory cover around 540 to 900 euros a year. Higher turnover, a higher sum and further licences raise the premium.

### Do I need my own insurance as a tied agent?

No, if an insurer assumes liability for you and you are registered under § 34d(7) GewO. If you also broker independently, you need your own licence and policy for that.

### Which sum applies to investment intermediaries?

Under § 34f GewO at least 1,276,000 euros per claim and 1,919,000 euros per year. Mortgage intermediaries under § 34i have their own, lower sums.

### What happens if the insurer cancels?

The insurer reports the end of the compulsory cover to the chamber of commerce, which can then revoke your licence. That is why a waiver of the right to cancel after a claim is worth having.

### Are my sub-brokers covered?

Only if the policy provides for it. Self-employed sub-brokers with their own licence generally need their own compulsory cover.

## Request quotes

We obtain quotes and come back with a comparison. Free of charge and without obligation: the insurer pays our commission. You can write in English. https://www.nammert.com/en/business-insurance-financial-intermediary.php#anfrage

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NAMMERT Assekuradeur GmbH, insurance broker licensed under section 34d(1) of the German Trade Regulation Act, broker register no. D-C08Q-TOSD4-37. For boat and yacht insurance we act as underwriting agency, not as broker.

NAMMERT Assekuradeur GmbH, Karl-Marx-Straße 4, 15711 Königs Wusterhausen, +49 3375 29 12 77, info@nammert.com. Wikidata: Q141141479.