Confidentiality agreements must be reviewed and signed by the Head of Compliance (if not available then Very Senior Personnel or the Chief Executive Officer).
However any Director can sign PSC’s standard Confidentiality Agreement which is shown in Appendix 8.
Copies of all such agreements must be kept in the placing file.
Under no circumstances is PSC to be responsible for Insurers (there are often other clauses that PSC is unable to agree). If a Client wants a confidentiality agreement with Insurers then we can negotiate such agreements with Insurers but PSC must not be a party to them.
When signing PSC’s standard Confidentiality Agreement, or a similar agreement, the Employees must highlight to the Client that the agreement does not apply to Insurers and we must receive an acknowledgement of this fact before showing the information to any potential or actual Insurer.
It is expected that the Client will want an agreement with Insurers BEFORE any information is shown to them. There is a suggested wording in Appendix 7 but as Paragon is never to be a party to these agreements it is really for the Client and the Insurers to agree on the wording to be used. Under no circumstance can any information that is subject of a Confidentiality Agreement be released to any third party, including Insurers, unless specific written authority to do so has been received from the Client. Confidential formation includes negotiating with Insurers and the terms of any insurance quoted or placed and any information that may not be in the public domain.
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