We do have an insurance policy up to 1 million USD per claimant:
-Underwriter: Lloyd’s of London
-Coverage Limit: Up to 1 million USD per claimant
-Eligibility: Exclusively available to clients registered under our Zenfinex Global Limited (our Seychelles regulated entity)
What the Insurance Covers:
Who is a Claimant? Under the policy, Claimants are entitled to claim up to $1 million in the event of an Insolvency Event and where the Claimant has incurred financial losses owing to an Event of Misconduct.
Insolvency Event = An Insolvency Event occurs when one or more of the following takes place:
Zenfinex Global Limited is unable or admits inability to pay its debts as they fall due, suspends payments, or seeks to reschedule its debts due to financial difficulty.
A statutory moratorium is declared over Zenfinex Globa Limited’s indebtedness.
Actions or proceedings are initiated for winding-up, administration, dissolution, reorganisation, or similar processes.
Appointment of a liquidator, receiver, or administrator over all or substantial assets.
Enforcement or possession actions are taken against a substantial portion of ZGL’s assets.
Event of Misconduct = The loss of any of the Claimant’s cash and/or securities as a result of theft, misplacement, robbery, hold-up, burglary, embezzlement, wrongful abstraction, larceny, false pretences, or fraud by Zenfinex Global Limited or any of its employees or agents or any other person.
What It Does NOT Cover
To manage expectations clearly, please note that the insurance does not cover:
Losses incurred through trading activities (e.g., market losses, margin calls, stop-outs)
How to claim:
If the broker-dealer is no longer able to operate or ceases business, eligible clients will need to complete a Claim Form.
The form should be submitted to the appointed Administrator.
This is required in order to make a claim with the participating syndicates at Lloyd’s of London.
Claim Forms will be provided to clients if such an event occurs.