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