Bankers Professional Liability for Financial Institutions
In today’s competitive environment, banks and other financial institutions continue to introduce a broad range of new services,
many of which go beyond “traditional” banking operations. Not surprisingly, the more services that financial institutions
offer to their customers and the more their customer base grows, the greater their chances of being sued over alleged errors
or omissions—especially when fees are involved.
Fortunately, Chubb, a leader in providing important insurance solutions for financial institutions, understands the ever-changing
face of banking. Chubb proudly offers BPL for Financial InstitutionsSM, an insurance policy designed to help protect banks and other types of financial institutions from claims alleging breach
of duty or other errors and omissions arising out of professional services rendered to their customers.
Designed to address traditional banking exposures such as deposit-taking and loan-making, but easily adapted to address emerging
fee-for-service exposures, Chubb's BPL for Financial Institutions is a total insurance solution for today's diversified financial
Policy coverage highlights include:
Definition of customer includes named beneficiary of any account held by the organization’s trust department who is entitled to receive professional
Insured persons include directors and officers (or their equivalents outside the U.S.; full-time, part-time, temporary, leased, or seasonal
employees; and volunteers. Protection extends to the assets of spouses or domestic partners of insured persons.
Coverage for punitive or exemplary damages is provided under the law most favorable to the insurability of these damages, where permitted by law.
Insured has right to choose counsel.
Noncancelable by the insurer except for nonpayment of premium.
Favorable “consent to settle” language (70/30).
No two financial institutions are the same-and neither are their exposures. Don't settle for off-the-shelf, one-kind-fits-all
coverage when Chubb offers a tailored insurance solution through BPL for Financial Institutions.