Financial Institutions (“FI”) Insurance is a highly specialised class of business, which can include a number of different covers to insure the risks particular to the wide variety of businesses that comprise FI.
Financial Institutions can include: Stockbrokers; Foreign Exchange Dealers; Hedge Funds and Managers; Clearing Houses; Private Equity Funds and Managers; Credit Unions; Pension Trustees; Venture Capital Funds and Managers; Pension Funds; Commodity Brokers; Money Exchanges; Energy Traders; Banks and Mutuals; Central Depositories; Asset Managers; Wealth Managers; Building Societies; Insurance Companies; Investment and Property Funds and a whole host of specialist financial businesses.
A typical policy will include coverage for Professional Indemnity, Directors and Officers Liability and Crime. However, these covers can also be placed in isolation as individual policies or in combination, allowing the Insured to tailor the policy according to their needs. Some examples of the modules and extensions available are:
- Professional Indemnity: protection against negligent errors and omissions or breach of duty.
- Directors and Officers Liability: protection against Wrongful Acts in an individual’s capacity as a Director or Officer of the Insured
- Bankers Blanket Bond: protection for an Insured’s losses against criminal acts carried out by employees
- Unauthorised Trading Liability: direct financial loss protection against breaches of fiduciary duty
- Employment Practices Liability: protection for claims from employees against the firm
- Crime: protection for first party loss against dishonesty, fraud and other criminal or malicious losses
- Public Offering of Securities Insurance (POSI): cover for errors, omissions or misleading information when raising extra capital or listing the company on a public exchange
- Cyber and Data Liability: protection against misuse of confidential or privileged data and unauthorised use of, or access to, electronic data or software
We are a London Market Lloyd’s Broker with access to a large number of markets and have the specialist knowledge and experience in placing FI, which is often a very complex and modular policy with multiple layers and markets.
For more information or to talk about your specific needs, please call us using the details on the right.