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Overview

Professionals and managers from financial institutions are exposed to myriad of risks. No matter how careful they are, their work is constantly scrutinized by clients. This leaves them a chance of facing allegation of negligence or failure to render professional services.

These professionals need a comprehensive approach tailored to provide insurance coverage for their liabilities. AIG is here to help you address these exposures.

Product highlights

Automatic cover for vicarious liability

Our team addresses the specialists’ liability needs. Their brief is to stay abreast or ahead of developing regulatory reforms so that our products can be constantly revised to provide the most appropriate insurance cover for emerging areas of risk.

Broad civil liability cover

This insurance cover no longer requires the need to show ‘negligence’ per traditional market forms by virtue of the broad definition of wrongful professional act.

Investigation cover

This pays for the Insured’s costs in relation to formal hearing, investigations, or inquiries in the absence of a specified wrongful professional act.

Who is it for?

Financial Institution Professional Indemnity’s purpose is to provide help for professionals from financial institutions who are scrutinized with negligent act, error, or omission in the performance or failure to perform their professional services. Banks, insurers, asset managamenet firms, and investment banks are examples of financial institutions that can be covered.

What is covered?

Financial Institutions Professional Indemnity offers solutions arising from charges against the Insured, and/or the Insured’s employees. It covers defense costs, damages, compensation and costs awarded in a judgment, and settlement with the Insurer's consent. Click below to learn more about its extensive coverage.

  • This covers not only the directors and officers but also both full-time and part-time employees acting in the ordinary course of their employment by the Insured or while performing acts within the scope of their usual duties
  • Express Lenders’ Liability
  • The coverage addresses errors in the administration of a loan, lease or extension of credit
  • Data Protection and Privacy Liability
  • Covers damages resulting from any claim for civil liability arising from a data security breach
  • Key Man loss
  • Covers the costs and expenses incurred by an Insured in relation to manage the public communication and limit the disruption to the business arising from permanent disability or death of any principal, partner or director
  • Defamation
  • Covers the loss arising out of a claim for unintentional libel or slander committed by the Insured
  • Estates and Heirs
  • Extends the coverage to the Insured’s spouse &/or administrator or executor of a deceased officer’s/employee’s estate
  • The Insured is entitled to a discovery period

 

How to make a claim?

When you buy insurance from AIG, you can have confidence that we stand ready to help you recover quickly when the unexpected happens. The claims operation that underpins every AIG policy is one of our greatest strengths, with a strong local claims team backed by our global network of expertise to support you when you face a loss.

For claims associated with Financial Institutions Professional Liability, please reach out to your insurance broker to assist you. The client must report in writing to AIG as soon as practicable and within the Policy Period. Potential facts or circumstances that may lead to a claim should be reported prior to the expiry of the Policy Period.

You may also contact us at:

Email: phlweserve_CML@aig.com  and financiallines.phl@aig.com

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