Bankers and Diversified Financial Services E&O
Our team of experienced underwriters has extensive knowledge in risk assessment and prides itself on delivering customized and innovative insurance solutions.
This blanket policy insures banks and its employees against breaches of duty, neglect, errors, misstatements, misleading statements or omissions in the rendering of, or failure to render professional services. This policy is also used to cover non-depository financial services companies.
Product Highlights
- Professional services defined as services performed by the Insured for or on behalf of third party clients for a fee, commission or other remuneration or financial consideration which inures to the benefit of the Insured. This includes loan servicing.
- No stipulation of counsel by Insurer—Insured selects counsel.
- Personal profit and fraud exclusions applicable only against an
Insured whose criminal or fraudulent act is established by:
- An admission of such Insured evidenced in written form; or
- A judgement, final adjudication or alternative dispute resolution proceeding.
- Insured vs. Insured exclusion does not apply to claims brought by an employee in his or her capacity as a third party client of the Insured.
- Personal profit/criminal acts, fraudulent acts and conflict of interest exclusions are severable with respect to individuals.
- Misstatements, misrepresentations or omissions in the application are severable with respect to individuals. Only the misstatements, misrepresentations or omissions of the CEO, CFO, Chairman, President or in-house General Counsel will be imputed to the bank entity.
Underwriting Considerations
- Minimum asset size for banks - $1 Billion.
- Coverage for REITS on an excess basis.
Limits
- Up to $10,000,000.
Program Parameters
- Primary and excess coverage available.
- Product offerings are underwritten through the following companies: Catlin Specialty Insurance Company, Catlin Insurance Company, Catlin UK, Catlin Bermuda, and the Catlin Syndicate. All companies have been assigned a Best rating of “A” (Excellent) XIII.
Contact
Catherine Cossu | 212-801-3412 |
catherine.cossu@catlin.com
Cecilia Chang | 212-801-3418 |
cecilia.chang@catlin.com