In today’s competitive environment, banks and other financial institutions are introducing a broad range of new services that go beyond traditional banking operations. The more services you offer, the greater your chances are of being sued. Designed to address traditional banking exposures such as deposit-taking and loan-making, but easily adapted to address emerging fee-for-service exposures, this policy provides a total insurance solution for today's diversified financial institutions.
Coverage Highlights
- Definition of customer includes named beneficiary of any account held by the organization’s trust department who is entitled to receive professional services
- Insured persons include directors and officers or their equivalents outside the U.S. as well as 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
- Worldwide coverage
- Favorable “consent to settle” language (70/30)