We recommend you allow at least 60 days from starting the application process to your policy commencing.

 

The timescales  depend on a number of key factors - not all of which are under a financial institution's control.

 

Due to the variability and complexity of the organisations identified by the PSR under Special Directive 20 (SD20) some organisations may take longer than 60 days to complete the process. There is no guarantee that the underwriters will offer cover to all SD20 organisations or at the level of cover that is requested. 

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Key factors that will influence the speed at which you are able to get APP insurance include:

(i) speed and accuracy you are able to get (3 years) of historic loss and fraud data in the format required by the underwriters

(ii) speed and accuracy that you are able to complete the APP insurance application form

(iii) the timescales in which you can commence the APP RAaaS eligibility audit 

(iv) timescales you may need to remedy any mandatory items required by the underwriters from the APP eligibility audit

(v) timescales required for the underwriters to review your application and the policy terms including items such as risk assessments and data reporting items and further reviews of your organisation's finalised policies, processes, and controls.    

 

We have provided two standard process flows below:

 - 'Standard' route (but has a longer timeline)

 - 'Fast Track' route

 

The most appropriate choice will depend on the specific circumstances of your firm.  ​If you are commenting the APP Insurance application process in September and you wish to have cover in place by 7th October you should choose the 'Fast Track' option.​​