insurance for Financial institutions

Why do you need financial institutions professional indemnity insurance?

Professional indemnity is a mandatory insurance for financial institutions that are regulated by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA).

Financial institutions provide specialist advice that comes with a risk of being held to account for a client’s financial loss, should negligent advice be given. Financial institutions professional indemnity insurance will protect your business if it is found liable for any compensation payable to the claimant, and any legal costs incurred defending the claim

The financial services industry is regularly in the media spotlight, so when arranging insurance cover it’s essential to take advice and guidance from a specialist insurance broker.

Risk management for financial institutions

As well as negotiating competitive terms and providing protection should your business be liable for any compensation payable to your client, our services for financial institutions also include risk management support; we can help mitigate day-to-day risks. At Marsh Commercial, we also have a dedicated in-house claims team to guide you through the process step by step to find the right resolution.

What can financial institutions insurance do for you?

Banks, building societies, investment managers, hedge or private equity funds, stockbrokers, dealers, corporate-financiers, and trust managers can all benefit from our dedicated financial institutions professional indemnity insurance. Protection against risks faced by the industry include:

  • Professional indemnity.
  • Commercial, electronic or computer crime.
  • Directors and officers liability.
  • Pension trustees liability.

Offering levels of cover to suit your business, this product combines competitive value with the following additional benefits: 

  • Automatic renewal facility (subject to criteria).
  • Capped excess.
  • Free tax advice helpline for you and on behalf of your clients.
  • Interest-free instalment facility.
  • Dedicated claims team.
  • Free 24-hour legal and counselling advice helplines for all partners.