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Liability Insurance for Financial Institutions
Our Howden experts accompany you to protect your business.
Professional liability insurance dedicated to financial institutions.
The "Professional Liability Insurance" of Financial Institutions protects them when their civil liability is called into question due to damages caused to third parties (clients, partners, etc.) in the course of carrying out a service related to insured activities.
It mainly covers the pecuniary consequences (defence costs and damages) of this civil liability and settlement payments approved in advance by the insurer. This insurance is highly recommended, even mandatory. to carry out certain regulated activities (CIF, IOBSP, DSP2, IA etc.).
In professional liability insurance, financial institutions are exposed, through their own activities aimed at their clients or investors, to numerous risks such as:
- Failure to fulfill the duty of advice and information
- Misselling
- Break of communication
- Mismanagement on behalf of a third party
- Failure to perform as a result of professional misconduct
- Loss of document
- Breach of confidentiality
- Service failure following a cyber incident
- Late payment of compensation
Some regulatory risks can also be covered.
The "Professional Liability Insurance" covers the financial consequences of the company's civil liability due to a professional error (mistake, breach, omission, inaccuracy, negligence, etc.) committed within the scope of the activities defined in the contract:
- Defense costs
- Damages or compensation
- Settlement indemnities previously validated by the insurer.
Who is covered?
- The policyholder and its subsidiaries
- The employees
- The legal representatives or the persons they have substituted in the general direction
Our clients
- Banks
- Consulting firms
- Regulated activities with mandatory insurance (CIF, IOBSP, DSP2, IA, Crowdfunding, etc.)
- Insurances
- Mutual insurance companies and pension funds
- Investment funds (VC/PE...), Management Companies
- Financial Technology
- Landowners
Why choose Howden?
- Understanding your challenges. : precise knowledge of your business sector and the risks to which companies are exposed
- Global approach: An approach that integrates advice, investment, management, and support in case of claims.
- Expertise: a team of civil liability specialists integrated into our customers' service teams at all times
- Responsiveness & Availability: Teams who are experts in their respective fields. The individual experience of each is at your disposal to manage your exposures and optimise your insurance cover.
- Support at all stages of your development: From the start through your international development, all the way to going public on a French or foreign market.
- Adaptation & Network: local expertise through our regional offices and access to our integrated international Howden One network present in over 100 countries
- Defense of your interests: a commitment to short settlement times, a solid legal approach to guarantee the protection of your rights and interests, a network of specialised claims managers in France and abroad
Examples of claims
Facts : A company advising on equity investments in unlisted vehicles provided investment advice to one of its clients. The transaction took the form of an investment in a vehicle investing in property developments, under a contribution-transfer scheme. The tax authorities subsequently called into question the vehicle's eligibility for the contribution and sale scheme, which was intended to enable the client to defer taxation on the capital gain arising on the contribution of the shares he had contributed. As a result, it immediately taxed all of the customer's capital gains on disposal.
Items covered :
- Legal fees incurred by the equity investment advisor following the client's claim.
- Amount of transactional indemnities paid to the client (amount of the tax reassessment and legal fees incurred by the client to assert his rights with the tax authorities).
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