Overview:  Professional services insurance on a civil liability basis for the financial institution, all its employees and others for whom it is vicariously liable. 

Who is it for?:  All financial institutions including Banks, Hedge Funds, Insurance Companies, Building Societies, Fund managers, Investment managers, Stockbrokers, Venture Capital firms and Finance Companies. Protects: The company and its subsidiaries including those created or acquired during the policy period, provided they meet pre-determined criteria / Anyone for whose acts the insured are responsible, including full, part time or temporary employees and approved persons of the company and subsidiaries / Automatic cover for domestic partners, administrators and executors.

Additional Features: Additional value-added risk management services, including pre-loss regulatory and governance advice, including DLA loss avoidance and mitigation package.

Ever more active regulators, web-based product distribution, more demanding customers who know their rights and are not afraid to exercise them…

There can be little doubt that financial institutions, in common with other professional serviceproviders, can look forward to an increase in the frequency of claims against them. Those claims will increasingly come from unexpected angles, such as breach of confidentiality or breach of copyright, and claims from claimants to whom financial institutions were not aware that they had a duty of care - such as overseas visitors to web sites.

We are also seeing increasing regulation implemented and enforced rigorously and effectively by the Financial Services Authority. This affects both institutions and the individuals who work for them. Despite an environment focused on compliance and control and a more litigious society, competition demands that a financial institution maintains its innovative edge.

AIG UK's Civil Liability product includes important benefits including very broad triggers for cover (including regulatory investigations as well as claims from customers and official organisations), comprehensive wording and free risk management consultancy, to help businesses identify and prepare for the new and developing risks they face.