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Financial Institutions

In this modern age of advanced technology and heightened regulatory issues, Professional Liability for Financial Institutions has to evolve to ensure protection in this new landscape. Capitol Special Risks uses creative problem-solving and forward-thinking practices to determine the most beneficial policy based on individual needs.

A Financial Institutions E&O policy can provide the necessary coverage for allegations not covered by a General Liability policy, Directors & Officers policy, or Financial Institution Bond, such as:

  • Improper Sales Practices
  • Unknown Tax Liability Consequences
  • Analysis Conflicts
  • Regulatory Investigations
Coverage Classes
  • Banks (Distressed and Standard)
  • Mortgage Brokers/Lenders Liability
  • Broker Dealers
  • Investment Advisors
  • Insurance Companies/Risk Retention Groups
  • Private Equity Groups
  • Hedge Fund Managers
  • Self-Funded Trusts (non-ERISA)
Policy Highlights
  • Full tort coverage
  • Does not require that a claim be settled at the insurer’s terms
  • Subpoena expense amount is substantial – 10% of the policy limit
  • Bilateral tail coverage regardless of which party cancels
  • Includes an additional $100,000 in coverage for lawyers’ fees
  • Deductible reduction for quick settlement – policy provides a reduction of the deductible if you settle with a client within 12 months
  • Waiver of the deductible if you settle a client dispute using arbitration
  • Coverage is true worldwide
  • $5,000 Risk Management coverage
  • First dollar defense for the first $10,000 of a claim
  • Punitive Damages awards are included
  • Up to 5 year ERP option
  • Personal injury coverage – policy provides defamation, libel and slander coverage (important if you administer a website or issue newsletters)
  • No exclusion for market fluctuations or IRS deductibility
  • Cost of corrections is included
  • 90 day cancellable notice period
  • Innocent insured coverage is included
  • CEOL available
  • Management Liability available
  • Cyber endorsement available including first party coverage, damage to equipment, business interruption, and cyber extortion
Optional Coverage Enhancements
  • Defense in addition to the limits of liability on a case by case basis
  • Manuscript wording to fit the insureds needs
  • Bond
  • Regulatory coverage when necessary

Capitol Special Risks is a Professional Liability wholesale provider. The coverages, highlights, and enhancements represented are indications of market availability through CSRisks, but are not guarantees of coverage offerings. Please refer to the actual indications, specimen forms, and endorsements for complete terms and conditions.