What do we do?

In first instance Protect is an insurer for architects and that is also what we want to remain. More than ever before, we focus on architects and engineers with a high professional responsibility, professionals who must be able to fully focus on their creative core task. As an insurer, we therefore want to relieve them as much as possible by offering adequate information, technically and legally high-quality support and result-oriented action.

However, we also want to extend this offer to other practitioners of liberal and intellectual professions. We will take away a share of your concern by dealing with the risks involved in your profession. For this purpose, we have our own knowledge library with case law and knowledge of more than 6500 claims over the past twenty years.

Our 45-strong team has many years of expertise and is thoroughly familiar with the construction industry. As a result, they assist our policyholders quickly and accurately and constantly respond to new needs. Protect is mainly the specialist market leader in the insurance of professional liability of designers in Belgium and Luxembourg. In addition, Protect also has a number of technical insurance products and a number of customised solutions.

What more can you count on?

Protect is more than just an insurer. We want to be an added value that makes a difference in the way you do your job. We do not only protect our policyholders, we also support them. In addition to our tailor-made insurance products, we are the only company in Belgium to offer an extra qualitative range of services:

  • Continuous legal assistance from legal advice team
  • Training and prevention: newsletters, bulletins and seminars
  • Private customer section My Protect and management tool My Protect for Architects
  • Personalised approach and specialised management

MISSION STATEMENT

Protect aims for a human partnership with construction professionals to advise, assist and take care of them, both proactively and reactively, on the basis of relevant expertise. In this way, Protect aims to become the reference par excellence in the sector.

VISION

Protect aims to protect construction professionals against the risks associated with their profession.

 

Quality and sustainability for a long-term relationship

Our dynamic team of 45 highly-skilled employees, half of whom are engineers and lawyers, is focused on the things we do well, i.e. professional liability and managing building damage.

As a family business and independent SME, which is quite unique in the insurance industry, we strive for sustainability and a long-term relationship.

Innovation and the right price for good quality are part of our mission and are not idle words, neither are our commitment and accessibility.

Permanent innovation

Protect offers you quality in all areas. You can see this based on the solidity of our policies, but also when it comes to the personal service of your insurance advisor.

Protect has many years of experience in your sector, linked to a thorough insurance technical know-how.

This is how we build your security together with you.

In addition, Protect offers you additional support and protection by:

  • prevention through its own legal advice team.
  • proactive action by internal experts in the event of imminent damage
  • in the claims handling we strive as much as possible for an amicable settlement between the parties.

Service and customer-friendliness

Protect offers you very accurate and complete information.
Thanks to years of familiarity with construction problems, personal account management, an up-to-date website, information sessions and a quarterly newsletter, we keep you permanently informed of the latest developments in your field.

As a specialised insurer we also defend your interests.
Through publications, awareness-raising campaigns, lectures and discussion panels, we try to make adjustments and changes in the interests of our insured parties: our initiatives concerning the reduction of legal interests, our cooperation in the creation of the Laruelle Act and the recognition of legal experts speak for themselves. We also actively promote a general mandatory insurance for all construction partners.

Examples of contracts, clauses, certificates and questionnaires can be downloaded from the private section of our website.
All you need to do is be a customer and have a password, which we will be happy to provide.

As we are an insurance company incorporated under Belgian law, we are under the strict control of the FSMA and the National Bank of Belgium. We are required to submit quarterly financial statements, balance sheet, solvency margin and collateral values for inspection.

Premium Collection EUR 41,376,459
Equity EUR 16,594,035
Balance sheet total EUR 211,382,358
REV 14.93%
Technical provisions/acquired gross premium 4.51
Solvency II ratio 165.69%

One week: according to Canadian psychologists, that is the average shelf life of good intentions. At Protect, we try to keep it going longer. One of these good intentions is the phenomenon of corporate social responsibility (CSR) or sustainable entrepreneurship. CSR is based on the triple-P approach: we are focused on economic performance (profit), with respect for the social side (people), within the ecological preconditions (planet).

Both internally and externally we try, to the greatest possible extent, to work according to the philosophy of these three values. Below you will find a number of examples of how we are contributing to a more sustainable policy and a liveable working environment.

DIVERSIFIED RECRUITMENT POLICY

At Protect, we attach importance to the diversification of talent. The company also encourages employees to work independently and to further develop their talents. We are open to job rotation and multi-functionality.

FEEL-GOOD STAFF

Because communication and mutual feedback are important, we use an intranet and several interdepartmental consultation committees. In addition, fun activities are regularly organised outside working hours.

ENVIRONMENTALLY FRIENDLY

As a small insurer, we cannot move mountains in this area, but we are also trying to do our bit. For example, we use LED lighting in our offices, we offer employees the opportunity to work from home to the degree possible and we promote the use of public transport, which is 100% refunded.

CHARITIES

Through Entrepreneurs for Entrepreneurs, we annually choose a new charity to support. Every month we sell a delicious meal and dessert for the benefit of that charity. Every week a fruit basket is also supplied for the employees via Fruit at Work, for which we ask a free contribution. Saint Nicholas and Easter packages are also sold. The profit, together with the profit from e.g. the annual barbecue and the soft drinks, is doubled by Protect.

As a member of the Association of Small Insurance Companies (VKVM), Protect also stimulated the other members to support a development project in cooperation with Entrepreneurs for Entrepreneurs. In this respect we chose to finance and support a project in the financial sector: a project of the NGO Trias which helps poor Philippine women realise their dream by setting up their own small business. After all, small businesses often find it difficult there because of the fierce competition and a lack of government support. Financial support from the West is therefore more than welcome and is used e.g. for training and professional consultancy.

Protect makes every endeavour to protect your private life and to use your data in a correct and confidential manner. We also comply with the statutory provisions in this respect.

Why does Protect need a conflict of interest policy?

The 'Act to strengthen the protection of clients for financial products and services as well as the powers of the Financial Services and Markets Authority of 30 July 2013', called Twin Peaks II, imposes certain obligations on insurance companies and insurance intermediaries aimed at protecting clients and creating more competition and greater market transparency. The 'Royal Decree of 21 February 2014 on the rules of conduct and the rules on the management of conflicts of interest' imposed measures more specifically in the area of conflicts of interest.

The implementing decree requires insurance companies to draw up a written policy for the management of their conflicts of interest. Below you will find more information about how PROTECT implemented this policy. It is in addition to PROTECT's general obligation to act with integrity and honesty in line with your interests.

Objective of Protect’s conflicts of interest policy?

PROTECT aims to prevent conflicts of interest in all its activities, especially in priority areas where client interests are paramount: insurance mediation, needs analysis, advice, pricing, risk acceptance, claims management.

The following is a description of the measures and provisions of PROTECT's Conflict of Interest Policy aimed at protecting your interests as a client in the event of a conflict of interest.

What is a conflict of interest?

We define a conflict of interest as:

  • a situation in which the interests of PROTECT may be incompatible with those of you as a client or may be contrary to those of you as a client;
  • a situation in which the interests of you as a client or group of clients are incompatible with those of another client or group of clients.

You will be informed in detail of any conflict of interest that may arise.

What conflicts of interest are possible?

Within the activities of PROTECT, a number of potential conflicts of interest have been identified with a view to taking the necessary measures to prevent and manage them effectively.

Conflicts of interest may arise between PROTECT and other parties such as insured persons (or among insured persons themselves), insurance intermediaries, affiliated companies, employees, shareholders or directors.

What measures does Protect take to prevent conflicts of interest?

PROTECT employees must continuously ensure that they are independent in their dealings with you as a client and that they are constantly alert to potential conflicts of interest. In order to adequately manage possible conflict situations and to minimise the impact for you, PROTECT has taken measures and provided its employees with written guidelines on how to prevent and manage conflicts of interest.

These written guidelines can be found in numerous policy documents, procedures and instructions.

PROTECT provides appropriate training for its employees to ensure that they are aware of their responsibilities and obligations and are able to adequately manage conflicts of interest.

In addition, the Compliance Unit monitors compliance with procedures and any complaints regarding conflicts of interest are followed up by two members of the Executive Committee in cooperation with a member of the Compliance Unit.

PROTECT regularly checks whether the content of its conflicts of interest policy is still up-to-date.

Information

If, despite the organisational measures taken by PROTECT, you still end up in a situation in which we cannot offer you sufficient guarantees that your best interests will be safeguarded, PROTECT will inform you of the situation. PROTECT will then inform you of the measures taken and/or to be taken, in a way that will enable you to make an informed decision about the further course of the claim or the transaction.

Do you want more information about our conflicts of interest policy? Please contact: kov@protect.be.

Our integrity as an insurer is an essential part of the sound and prudent policy we conduct, aimed at safeguarding our reputation and public confidence.

Compliance means acting in accordance with the applicable rules. Respect for the requirements of the law, as well as those of audit authorities, professional rules, ethical standards and standards of fair competition are vital elements of our commercial success and good reputation. These external and internal rules form an important part of our company policy.

Our activities are in line with a compliance charter, integrity policy and a set of internal rules.

Our Compliance Cell monitors the application of these internal guidelines and ensures an ethical culture within our company.

COMPLIANCE CHARTER

This charter sets out the main principles of the compliance function at Protect. The main objectives are to formalise the objectives and tasks associated with the function, as well as the organisation of that activity within our company.

With reference to international ‘best practices’, Protect undertakes, through this charter, to apply its integrity policy, which is based in particular on compliance with legal and regulatory provisions, an area in which the compliance function plays a crucial role.

This charter provides a clear description of the tasks of the compliance function. It highlights the importance of organising the compliance function and its role in the supervision and management support of Protect.

DEFINITION OF COMPLIANCE

Compliance is an independent function that ensures that the internal procedures comply with the applicable provisions and cooperates with them in the context of the integrity policy that covers the following areas:

  • professional ethics
  • corporate governance
  • the handling and distribution of information
  • the prevention of insider trading
  • the prevention of money laundering and fraud
  • transactions for account of staff members
  • preventing price manipulation
  • respecting the privacy of employees and customers
  • incompatibility of mandates

MAIN DUTIES OF THE COMPLIANCE FUNCTION

The compliance function assesses whether codes of conduct, instructions, procedures and the organisation comply with the rules of integrity applicable to the activities carried out by Protect.

These include provisions arising from its own integrity policy and those directly linked to its status, as well as other legal and regulatory provisions applicable to insurance activity.

The compliance officer formulates proposals regarding the integrity policy to be implemented in Protect and submits these to the executive committee for approval.

She advises the management on the measures to be taken in the context of the integrity policy, and takes care of the elaboration of the entity’s code of ethics.

The compliance function is, for instance, responsible for:

  • defining compliance guidelines for employees;
  • defining effective procedures for the implementation of the Protect integrity policy in compliance with the applicable legal and regulatory provisions, as well as implementing adequate internal control measures;
  • assessing the adequacy of the internal guidelines and procedures and, if necessary, formulating proposals for adjustments;
  • awareness-raising and ongoing training of employees, including external employees such as experts and brokers;
  • compliance with or the performance of various communication obligations towards third parties, such as supervisory authorities and judicial authorities;
  • investigation and follow-up of violations of laws and regulations and of internal ethics, such as conflicts of interest, transactions on behalf of staff, accepting and giving gifts, giving commissions, etc;
  • supervising the existing rules on contact with certain customers, taking into account the problems of discrimination, compliance with the law on privacy and money laundering;
  • advice on aspects relating to compliance when launching new products or services and entering new markets;
  • supervising the various legislations and regulations applicable to the activities carried out by Protect and to its interpretation;
  • examination of relevant internal and external documents relating to the compliance function, in particular internal audit and external audit reports, minutes of the management committee, information and comments from the supervisory authorities.

THE ORGANISATION OF THE COMPLIANCE FUNCTION

The compliance function is fulfilled by the compliance officer.
Depending on his workload, he can appoint one or more employees for specific tasks that are carefully documented (decentralised management).
These persons will remain under the responsibility of the compliance officer.

The compliance officer reports to the managing director.

The compliance officer or his compliance cell, if necessary, has the right to take initiatives for all the tasks with regard to the areas described by this charter.
This right of initiative can be extended in the different domains defined by the executive committee and/or the Board of Directors in accordance with this charter.

The compliance cell is authorised to speak to all employees and to take note of any document, activity, file or other information relating to Protect, including internal and external audits and the reports of the executive committee and the board of directors.
This authority is exercised in the areas of activity described in this charter.

The Compliance Officer participates in Executive Committee meetings dealing with the matters for which he or she is responsible and receives the minutes on the subjects directly or indirectly related to compliance.

The compliance officer has direct access to the chairman of the board of directors, to the internal auditor and to the company auditor.

For compliance issues, he is the preferred spokesperson with the regulatory authorities.

Findings and assessments in the context of the compliance function are freely expressed. This is particularly the case when the compliance officer decides to inform the competent authorities.

The compliance function is part of the internal control system.

It is independent of the audit function, but is also part of the audit's field of investigation and control.

The employees of the compliance function

When the compliance officer decides to take on employees in this position, they form the compliance cell.

The personal competence, integrity and discretion of each employee involved in the compliance cell are essential to its proper functioning.
Competencies, motivation and ongoing training are also crucial for the efficient operation of the compliance cell. The competencies of each employee are assessed taking into account the increasing technicality and diversity of the activities.

Reporting from the compliance officer

The compliance officer regularly informs the Chairman of the Executive Committee of the main compliance risks that were identified, the measures taken to improve the management of those risks, and the progress of the work in the context of the duties of the position. At least once a year, the compliance officer shall provide the Executive Committee with an overview of the organisation and operation of the compliance system.

Provision of information to the Executive Board

Within the framework of its supervisory duties, the Board of Directors regularly checks whether Protect has an appropriate, independent and adequately equipped compliance function. It shall be informed of compliance activities at least once a year.

Address Jetse Steenweg 221, 1080 Brussels
NBB: 1.009
FSMA: 106009A
RPR Brussels: 0440.719.894
Bank: IBAN BE39 5230 8020 3719
BIC: TRIOBEBB