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Financial Institutions Professional Liability Insurance
Chubb Specialty Insurance

The banking industry has entered an era of unprecedented change that will continue unabated well into the new century. Rapid technological change, an evolving business environment, increased competition, the globalisation of financial markets and increasingly more sophisticated consumers are shaping the industry. All of these changes lead to increased risk for banks.

The complex nature of the banking industry demands equally sophisticated risk management and insurance solutions. Chubb Insurance's Bankers Professional Indemnity policy should form an integral part of any bank's risk management regime. Chubb Insurance's Department of Financial Institutions brings a proven history of underwriting expertise to this industry segment and can tailor coverage to meet your customer's specialised needs.

Bankers Professional Indemnity provides the following coverage features:

  • Definition of claim includes civil and criminal proceedings, formal administrative, regulatory proceedings or investigative orders and written demands
  • Covers claims arising out of errors, omissions, misstatements, misleading statements, neglect, breach of trust or breach of duty
  • Covers claims brought by or on behalf of customers
  • Extended reporting period
  • Severability of all exclusions for insured individuals
  • Severability of the proposal form
  • Automatic cover for certain newly created or acquired subsidiaries
  • No prior acts exclusion
  • No retroactive date
  • Automatic "run off" cover for divested subsidiaries
  • Automatic "run off" cover for insured, if acquired
  • Multi-year policy available
  • Advancement of Defence costs to final disposition of a claim
  • Worldwide cover
  • Definition of professional services allows banks to choose cover for specific activities or cover for all services offered to its customers