From our insurance expert.
One of the most important sections of the new Insurance Distribution Directive is that the insurance company/broker has to make sure that the customer is fully aware of what he/she is contracting. This is why, they have to provide the customer with a copy of the quote, detailing amounts covered and detailed information on the guarantees offered.
Also, companies are obliged to provide customers with an extra document, called IPID, Insurance Product Information Document, which explains in a clear way what is covered and what is not.
Sample of an IPID.
Please note: The information provided is based upon our understanding of current legislation. It is not legal advice but is provided freely to enable you to be properly informed. We recommend that if you are considering taking action, you should seek professional advice.
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