Professional Indemnity Insurance

The ACE Financial Institutions Professional Indemnity Insurance policy has been created to provide the following coverage features for a financial institution.

Our target market includes banks, investment companies, building societies, credit unions, leasing companies, finance companies and insurance companies. The policy can be tailor made to suit the financial institution's individual needs.

ACE Elite Civil Liability Insurance for Financial Institutions

Elite Civil Liability Insurance for Financial Institutions Proposal Form

Elite Civil Liability Insurance for Financial Institutions Policy

Coverage Features

• Covers claims arising from acts, error, omission, breach of duty, breach of trust, breach of authority, misstatement, or misleading statement by the financial institution while performing or failing to perform professional services
• Broad definition of professional services
• Covers the financial institution and its past or present subsidiaries
• Automatic run-off cover to end of policy period for financial institution or its subsidiaries, if acquired
• Covers all directors, officers or employees
• Covers defence costs which are advanced to financial institution as incurred
• Covers civil and criminal liabilities
• Discovery period of 12 months or 72 months options
• No retroactive or prior acts exclusion
• Sixty-day automatic cover for subsidiaries that are newly created or acquired
• Severability of the insured persons and proposal form

Coverage Enhancement Requests

The following enhancement can be considered if requested by the financial institution:

• Policy can be extended to include agents
• Multi-year policies are available
• Run-off cover if financial institution or any of its subsidiaries has been taken-over or merged with another entity

Additional Features

• Access to consultants for risk management and claims handling advice
• Local underwriting and account management expertise
• Worldwide cover
• Large capacity for risk
• Global representation