Financial Institutions Professional Indemnity

Primary and excess cover for liability exposures such as errors and omissions

Financial protection against liability for financial loss to a third party, caused by a negative act, error or omission by the insured.  

Features and Benefits

  • Ability to cover North American risks and exposures.
  • Employee definition includes full time and part time employees.
  • Able to write policies in US$ as well as other foreign currencies.
  • Insured definition includes subsidiaries and companies in which the insureds holds a controlling interest

Who is it for?

All financial institutions including Banks, Hedge Funds, Insurance Companies, Building Societies, Fund managers, Investment managers, Stockbrokers, Venture Capital firms and Finance Companies.

What is covered?

  • Claims made policy.
  • Covers the Insured and all Subsidiaries.
  • Limits are combined and in the annual aggregate.
  • Insuring clause includes the following: for financial loss to a third party, caused by a negligent act, negligent error or negligent omission on the part of an Officer or Employee of the Insured; and arise out of the ordinary course of the provision by the Insured of the financial services as disclosed.  

Financial Institutions Professionals Indemnity policies are short-term products and are underwritten by AIG South Africa Limited, FSP No: 15805