Marco van Hensbergen
Professional Indemnity Insurance
Why do I need Professional Indemnity Insurance?
Every body makes mistakes and when you are in the financial services industry you might want to consider a professional indemnity insurance to protect your (companies) assets for the damage third parties suffer due to your mistakes. Or a little bit more formal stated: a professional indemnity insurance covers the pure financial loss of third parties caused by wrongful professional acts of the insured in the course of the rendering or failure to render professional services by the insured.
The professional Indemnity Insurance (PII of PI) is also known as professional liability insurance (PLI) or errors and omissions insurance (E&O).
FIIS explains the basics of insurance program design
We have created a quick reference guide to guide you through the three basic ways in which you can arrange insurance programs within an international operating company.
You can either view the quick reference online or download it for your convenience.
Directors' and Officer's liability insurance
In most countries companies have their own legal personality (for example based on art. 2:3 BW / Dutch law or part 2 item 15 Companies Act 2006 / “UK law”) and have the capability of holding rights but also obligations as if they where a separate person.
Due to this legal personality companies are able to own assets, enter into contracts, hire employees and preform business in a way where its own liability and the liability of its individual members (shareholders) is separated from each other. The liability of the shareholders is most commonly limited by the amount of the shares or a guarantee.
Although companies have their own legal personality and shareholders have limited liability there is an additional party that can be held accountable namely the directors and officers of the company.
Insurance solutions for Asset Managers
In this article we will summarise the most relevant insurance solutions for Asset Managers.
Typical financial lines insurances for Asset Managers are:
- Directors' and Officers' Liability Insurance (D&O)
- Profesional Indemnity Insurance (PI)
- Crime insurance (PI insurance)
- Employers Practices Liability insurance (EPLi)
- Cyber insurance
- Kidnap & Randsom insurance (K&R)
Typical non financial lines insurances for Asset Managers are:
- Fire insurance (Property Damage/Business Interruption (Loss of profits))
- Comprehensive General Liability Insurance
- Automobile insurance
- Trade credit/Political risks insurance
Please click on the links for more information about the specific insurance types.
FIIS explains FINC + IPT
We have created a quick reference guide to admitted/non-admitted policies, FINC and Insurance Policy Tax (IPT) which will enable you to quickly get a understanding of these items and relation between them.
You can either view the quick reference online or download it for your convenience.
FIIS explains considerations for D&O structuring
We have created a quick reference guide to the structuring of directors' and officers' liability insurances which will enable you to quickly establish what the various common options are and which considerations could be to taken into account.
You can either view the quick reference online or download it for your convenience.
FIIS explains claims made triggers
We have created a quick reference guide to claims made triggers which will enable you to quickly establish whether or not a claim wil trigger the insurance policy or not (ie. will be covered).
You can either view the quick reference online or download it for your convenience.
FIIS quick reference to professional indemnity insurance
We have created a quick reference guide to professional indemnity (PI) insurance (also known as error and omission (E&O) insurance) which will enable you to take a quick peek at the most relevant items in professional indemnity insurance.
You can either view the quick reference online or download it for your convenience.
Insurance solutions for private equity firms
In this article we will summarise the most relevant insurance solutions for insurance companies.
Typical financial lines insurances for banks are:
- Combined D&O/PI insurance which are known under a number of names:
- Private Equity Management Liability insurance (PEML)
- Investment Structures Insurance Solutions (ISIS)
- Investment Manager Insurance (IMI)
- Crime insurance (often combined with D&O/PI insurance)
- Employers Practices Liability insurance (EPLi)
- Cyber insurance
- Kidnap & Randsom insurance (K&R)
Typical non financial lines insurances for private equity firms are:
- Fire insurance (Property Damage/Business Interruption (Loss of profits))
- Comprehensive General Liability Insurance
- Automobile insurance
- Trade credit/Political risks insurance
Please click on the links for more information about the specific insurance types.
Insurance solutions for insurance companies
In this article we will summarise the most relevant insurance solutions for insurance companies.
Typical financial lines insurances for banks are:
- Directors’ and Officers’ Liability insurance (D&O)
- Professional Indemnity (PI)/Crime
- Employers Practices Liability insurance (EPLi)
- Cyber insurance
- Kidnap & Randsom insurance (K&R)
Typical non financial lines insurances for insurance companies are:
- Fire insurance (Property Damage/Business Interruption (Loss of profits))
- Comprehensive General Liability Insurance
- Automobile insurance
- Trade credit/Political risks insurance
Please click on the links for more information about the specific insurance types.
