Financial Institutions Professional Indemnity Insurance provides protection against losses sustained by clients of a financial institution as a result of unintentional errors, omissions or negligence of its employees.
The policy offers protection to banks and financial institutions in their professional services and operations, including banking, trading, payment and other financial transactions.
The object of insurance are property interests that do not contravene the laws and are exposed to risks that a financial institution may encounter in the course of its business due to its liability for compensation of the caused damage.
The insurer agrees to reimburse the insured for all losses, except for those specifically excluded from coverage, which may arise from errors made in rendering professional services and resulting in a claim made against the insured financial institution by a third party within the effective term of the policy.
Among its clients AIG has some of the largest Russian banks and other financial institutions.