- Claims first made during the Policy Period or applicable Discovery Period
- Broad Civil Liability cover without the need to show “negligence” per traditional market forms, by virtue of the broad definition of Wrongful Professional Act: “any actual or alleged act, error, or omission in the performance or failure to perform Professional Services by any Insured”
- Broad cover for all Professional Services disclosed in your submission (unless specifically excluded) to ensure you are fully protected
- Investigations cover to protect Insured against formal hearings, investigations or inquiries even in the absence of a specified Wrongful Professional Act
- Automatic cover for new subsidiaries provided the subsidiary in question meets pre-determined criteria
- Automatic cover for vicarious liability
- Worldwide cover
- Insurance
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Chartis Singapore Insurance Pte. Ltd.
CHARTIS Building
78 Shenton Way
#07-16
Singapore 079120 - Tel: +65 6419 3000
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Financial Institutions Civil Liability Insurance (FICLI)
As a leading insurer of financial institutions’ professional liabilities, we have seen a progressive increase in the frequency and severity of claims against financial institutions in recent years.
Common types of claims that have arisen include: improper financial product sales, unsuitable financial advice and a diverse range of transactional errors. Increasingly, claims are also starting to arise from:
- Non-traditional exposures, such as breach of confidentiality and breach of copyright; and
- A new class of claimant, such as overseas visitors to financial institutions’ websites.
In a rapidly evolving financial institutions environment, we recognizes the need to take a more comprehensive approach towards your exposures, offering insurance that is tailored to your specific needs and which protects against still emerging threats. Chartis Financial Institutions Civil Liability Insurance is triggered by “any actual or alleged act, error or omission in the performance or failure to perform” the Professional Services that you provide.
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Key Features
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Additional Benefits
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- Express Lenders Liability cover to protect you against errors in the Adminstration of a loan, lease or extension of credit
- Data Protection and Privacy Liability cover for Insured Persons and Insured Entities
- Key Man Loss cover for Insured Entities – because your people are your most valuable asset
- Defamation/Libel/Slander cover
- Loss of Documents cover for Insured Persons and Insured Entities
- Court Attendance allowance
- Estates and Heirs cover
- Bilaterial Discovery Period
- “Final adjudication” language as opposed to “in fact” language – to provide you with greater security where fraud, dishonesty or a personal profit is alleged
Less Restrictive Cover
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- No Market Fluctuation Exclusion
- No Investment Banking Exclusion
- No Asset Valuation Exclusion
- No Dealer Exclusion
- No Failure of Counterparty Exclusion
- No Valuation and Foreign Currency Exclusion
- No “failure to provide insurance” Exclusion
- No “hedging transactions” Exclusion