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Financial Institutions Professional Liability Insurance

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. 

Objects of Insurance

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. 

Risks

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. 

General exclusions from coverage are

  • Bodily injury / property damage 
  • Business risk 
  • Contractual liability 
  • Penalties, fines, punitive damages 
  • Insolvency / Bankruptcy 
  • Claims against an insured financial institution/ the parent company by an insured financial institution 
  • Lender liability 
  • Technology error 
  • Radiation injury 
  • Environmental pollution 
  • Prior knowledge and information disclosure, etc. 

Among its clients AIG has some of the largest Russian banks and other financial institutions. 

Main advantages of cooperation with AIG, CJSC

  • Our insurance policies incorporate clauses developed by the London Institute of Insurers (NMA 2273 Form) as well as additional clauses addressing the needs and interests of each client 
  • High standards in methods of claims settlement, including elements of quality control over the settlement process at different levels of corporate management 
  • Availability of insurance with AIG companies in other countries of the world, including an option of development of a global insurance program providing for issuance of locally tailored policies to comply with the applicable laws and regulations or to meet requirements of the insured

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