French Monetary and Financial Code
In forceThe civil liability insurance policy taken out by an intermediary in equity crowdfunding pursuant to Article L. 548-5 shall include cover of not less than 250,000 euros per claim and 500,000 euros per insurance year. Where the policy is taken out by an intermediary in the field of equity crowdfunding who only presents offers of financing through donations on its website, the amount of cover provided may not be less than €100,000 per claim and €200,000 per year of insurance.
The amount of cover per policy year must enable at least two claims to be covered in any one policy year.
Cover takes effect on 1 March for a period of twelve months. The policy is tacitly renewed on 1 January each year.
Persons commencing the activity of intermediary in participative financing shall take out an insurance policy for the period running from the date of their registration on the single register of intermediaries referred to in Article R. 546-1 until 1 March of the following year.
The insurer issues a professional indemnity insurance certificate to the insured person.
The insurer shall immediately notify the body referred to in article L. 546-1 of any suspension of cover, denunciation of tacit renewal or termination of the insurance contract.
