Comprehensive Insurance for Financial Institutions

Being in a highly regulated industry requires an investment in risk management and compliance. Financial institutions face increasing complexity due to new regulations, consolidation, and vertical integration. Financial institutions—like banks and other lending entities—need a variety of protections for their assets and employees. This is especially true of banks doing business overseas.

With business fraud rising exponentially, it’s vital that companies in the financial industry protect themselves against the potentially considerable losses that can occur. Our comprehensive insurance policy for financial institutions safeguards your organization against different types of losses – including fraud, computer systems fraud, forgery, theft and employee dishonesty and a variety of other risks.

Comprehensive insurance policy for financial institutions provides coverage to asset management firms, banks and lending institutions, and insurance companies. GARDIA offers financial institutions a broad range of customized, reliable protection.

What is Comprehensive insurance for financial institutions?

Financial institutions have risks that are both internal and external. As with other types of companies, financial institutions can also suffer errors and omissions, physical damage, fraud, and online security breaches.

Financial institutions handle, receive, disburse, and invest money of others. They are subject to regulations specific to their operation but they are also subject to legal and moral obligations for their customers. Customers entrust their funds to these institutions because of their confidence in the management's ability. Insurance is a necessary means to protect the financial institutions and their customers against various types of losses.

Who it’s for

Financial Institutions include - but are not limited to - the following types of businesses:

Banks
Building and loan associations
Check cashing services
Credit unions
Finance companies
Insurance companies
Investment companies
Loan companies
Money exchanges
Mortgage companies
Real estate loans
Savings and loans

We insure businesses right across the financial sector, including:

Asset management firms and funds
Investment companies
Stock brokers
Banks, and other lending institutions
Insurance companies

What it covers

Comprehensive insurance policy for financial institution covers you for:

Dishonesty by employees – including unidentified employees
Theft on the premises or in transit
Protection against receipt of counterfeit negotiable instruments
Issue or receipt of forged cheques, credit cards and bills of exchange
Theft of funds or property by computer fraud
Losses to a business from crimes committed through the misuse of its computers by company employees
FIPI is protection for financial professionals and institutions against a customer's claims of wrongdoing, negligence, and errors and omissions. The coverage helps to offset the expenses associated with lawsuits or judgments should a plaintiff win.
Legal defence costs

What does a Comprehensive insurance policy for financial institutions include?

This insurance coverage includes three main sections:

Insurance against employee fraud - Bankers Blanket Bond (BBB)
Electronic and Computer Crime Insurance (ECC)
Professional Indemnity Insurance for Financial Institutions (FIPI)

Comprehensive insurance policy for financial institutions provides tailored coverage for risks like these for financial institutions, and financial services firms. Backed by our expert underwriting and claims teams with years of experience in this space, our teams will work to resolve a claim efficiently if a loss does occur.

Insurance companies like GARDIA can create flexible, comprehensive policies to address the types of exposures different financial institutions may face.

Computer Crime vs. Cybercrime

It should be mentioned that in the view of insurance companies computer crime differs from cybercrime.

Computer crime insurance covers financial losses caused by employee dishonesty or error.

Best of GARDIA:

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