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Financial Institutions Insurance
Overview
The team underwrite a broad-spectrum account specialising in leading middle market Financial Institutions and all Commercial Crime business.
All specialised insurance classes for Financial Institutions are considered including:
Comprehensive Crime (BBB/ECCP)
Product Description
Financial Institutions look to insure their Valuable Assets/Property against direct financial loss from both Theft (ranging from infidelity by employees, armed robbery through collateral fraud to complex fund transfer losses) and physical loss or damage to such property.
There are in addition many supporting policies designed to insure more specific threats and exposures or specialist policies such as Stockbrokers In and Out Policies, Safe Deposit Box Legal Liability Insurance and the like.
What are we looking for?
At QBE we will write business emanating from most territories of the world on either a primary or excess basis with a special focus on middle-market business.
We write a Direct and Facultative account. Our focus is on working in partnership with brokers in both the development of innovative solutions to risk protection and in writing, as a lead or a follow insurer, Financial Institutions with good risk management and a belief in working in partnership with their Insurers. The basic tenet of the Syndicate is that we will focus on portfolios that have fortuitous loss, insuring the unexpected rather than the routine attritional loss.
Professional Indemnity (Civil Liability)
Product Description
Whereas the Comprehensive Crime policy covers a Financial Institution for direct financial loss of Assets, the Professional Indemnity Policy covers a Financial Institution for liability to pay damages to third parties following an insured loss. The Policy is based on "Tortious" Liability and does not confer any indemnity for strict warranties or guarantees. Civil Liability forms are now available in certain jurisdictions that have Statutes governing financial services.
What are we looking for?
We will offer Professional Indemnity insurance to those accounts for whom we write the Bankers Blanket Bond for. We specialise in writing Investment Managers, Fund Managers, Venture Capitalists, Stockbrokers and the like on a stand alone Professional Indemnity basis.
As with the overall Financial Institutions account we will write a Direct and Facultative Reinsurance account.
Directors and Officers Liability
Product Description
Where Professional Indemnity covers employees for their negligent act, errors or omissions, the Directors and Officers policy provides protection specifically for wrongful acts by an Insured entity's board of directors and its officers. The two insuring clauses of the policy cover firstly the direct liability of an Insured entity's directors and officers (including defence costs) and secondly the parent company's obligation to indemnify the directors and officers following any wrongful acts that they have committed (or allegedly committed).
What are we looking for?
We only write this class on a package basis, when written alongside the Comprehensive Crime and Professional Indemnity covers. Our client profile is driven by well managed Insureds from all regions of the globe and we will write both on a primary and excess level.
Unauthorised Trading
Product Description
The Bankers Blanket Bond & Stockbrokers Blanket Bond under their Employee Dishonesty Insuring Clause limit Employee theft under Loans and Trading scenarios to that committed for an Improper Personnel Gain/Improper Financial Benefit. Losses that involve hidden / concealed trades where the intent was not to steal but to reduce a trading loss are not covered by a conventional Bond. The Unauthorised Trading product was designed to cover such events.
What are we looking for?
We will write both stand alone and combined Unauthorised Trading policies on the same basis as our Comprehensive Crime and Professional Indemnity book.
Commercial Crime
Product Description
Industrial companies, manufacturing companies, utilities, telecoms and general stores all have crime exposures. The Commercial Crime Policy will cover the company for Theft of their Assets (Money, Securities, stock etc.) from both internal (Employee) and external (Third party) threats. The Policies are written on a broad form direct financial loss basis and because of sophisticated systems being used (e.g. cash management systems) Computer Crime is also covered.
What are we looking for?
Our portfolio is comprised of properly risk managed companies such a large Industrials, Utilities, Governmental Agencies and manufacturing companies. We will write these on both a primary and excess basis. Our principal consideration is that they must have suitable operational risk controls, risk management and be financially secure, operating in well regulated territories.
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