E&O - Financial Institution Professional Indemnity Insurance (FIPI)

FIPI policy consists of an insurance against “a breach of professional duty owed to another party”. The policy protects a financial institution or its employees during the exercise of his or her professional duty. The policy indemnifies the insured in respect of their legal liability to third party claimants resulting from a negligent act, negligent error or negligent omission committed during the course of business. Third party claimants are likely to be clients and other parties who are owed a duty of care in the exercise of the business.

Main coverage

• Liability for any customer or any third party claiming any cause of action resulting from Wrongful Acts during the provision of the Services.
• Compensation and Settlement Costs (Third Party Loss)
• Expenses and costs incurred in the defense and settlement of grievances
• Fees and other expenses under the insurance policy

Additional benefits

• Lender’s Liability: Wrongful Professional Act in the Administration of a loan, lease or extension of credit.
• Data Protection and Privacy Liability
• Key Man Loss
• Defamation – including Libel and Slander
• Loss of Documents – usually an inner policy limit
• Breach of Copyright – including innocent breaches of copyright
• Court Attendance
• Estates and Heirs
• Additional Discovery Periods
• Automatic Subsidiaries

• Assumed Liability – Contractual Liability and guarantees

(Ex.) Agent contract

(Ex.)  Agreement out of Professional Services scope to strengthen the relationship with the Client

• Any Claims and circumstances covered by other specific insurance policies

(Ex.) Bodily Injury/Property Damage, D&O

(Ex.) Crime or Cyber crime

• Prior Claims & Circumstances

(Ex.) The Claim or situation may result in a Claim that a Responsible Person had knowledge of at or before the commencement of the insurance policy

(Ex.) The claim or situation in which the notice is made under any contract for which this insurance policy is renewed, replaced, supplemented