Financial Services Professional Indemnity

The potential for loss and litigation is increasingly high for financial institutions especially when you are operating within a growing list of complex laws and operations governing the financial industry. The Financial Services Professional Indemnity insurance protects your institution, its directors and its employees against the unprecedented liability risks you face in an ever-evolving and regulatory environment where responsibility and accountability are demanded. With litigation becoming an increasingly common means of settling disputes, financial professionals are being held more accountable for their advice and actions and any losses suffered as a consequence.

Claims arising from alleged wrongful acts can lead to protracted legal action to defend and can be costly, regardless of the outcome. It impacts your organisation’s capital and, in certain circumstances, may place your organisation under extreme financial pressure. This is where the Financial Services Professional Indemnity insurance can help protect you and your organisation against the financial strain of litigation. To find out more about the policy, contact us for a suitable solution for your institution and employees.

Our insurance protects the parent company and all its subsidiaries and investment entities or funds, including those created or acquired during the policy period, and third parties involved in providing the insured financial services for which the institution is vicariously liable. Most policies provide a broad scope of coverage and may differ significantly in scope of coverage between insurers.

Some of the risks that can be covered by a Financial Services Professional Indemnity policy include:

1. Civil Liability arising from the provision of professional services
2. Protection of employees as well as the organisation and its principals/partners
3. Payment of legal defence costs and expenses as they are incurred
4. Defamation – covers defamatory remarks made about others (either written or oral) in the course of conducting your business
5. Cover for costs incurred at official investigations
6. Unintentional infringement of copyright, trademarks, designs or patents
7. Cover to protect the organisation’s assets against theft or fraud by an employee
8. Cover for liability arising as a result of the dishonesty of any employee or principal/partner of the organisation
9. Cover for past liabilities of a predecessor’s business activities
10. The cost of replacing lost or stolen documents, plans, models etc, and for liability incurred as a result of the loss
11. Cover for former and incoming principals/partners and employees

If you have yet to set a Financial Services Professional Indemnity in place for your institutions and employees, chat with us today!