Professional duties
Define insured services, entities and client relationships accurately in the professional liability review.
Financial Services
Financial Services Insurance.
Financial services insurance should match the firm's actual activities and separate professional decisions, management responsibilities and the handling of client or company funds.
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What we look at.
Funds and fraud
Distinguish employee dishonesty, computer fraud and deceptive payment instructions when reviewing crime and cyber coverage.
Management liability
Compare governance, investor and transaction exposures with directors and officers terms.
Directors & Officers
Management liability tailored to the entity, governance and investor structure. Review exclusions, defense and change-of-control terms.
Professional Liability (E&O)
Claims arising from insured professional services. Check retroactive dates, reporting requirements, defense and exclusions.
Cyber Liability
Incident response, liability and selected first-party losses. Review security conditions, business interruption and fraud provisions.
Crime & Fidelity
Selected employee dishonesty and fraud exposures. Review funds, securities, transfers and relevant conditions.
Employment Practices Liability
Employment-related claims such as discrimination or wrongful termination. Review defense, retention and wage-and-hour restrictions.
Fiduciary Liability
Claims concerning responsibilities to employee benefit plans. Distinguish this from a fidelity bond.
Office Package
Premises liability and office property for eligible businesses, with separate treatment of professional and cyber exposures.
Umbrella
Additional liability limits over scheduled underlying policies. Check exclusions, attachment and whether terms follow the primary coverage.
Questions & answers
Good questions to ask.
Are professional liability and D&O the same coverage?
No. Professional liability concerns covered claims arising from the firm's services. D&O addresses specified management-related claims. The entity, insured people, alleged conduct and exclusions determine how each policy may respond.
Does crime insurance cover a fraudulent payment instruction?
Not every form does. Review social engineering, computer fraud and funds transfer provisions separately, including whose money is insured, verification conditions, limits and exclusions.
Is cyber insurance a replacement for a fidelity bond?
Do not treat them as interchangeable. Cyber and fidelity forms address different events and losses. Review employee dishonesty, client assets and digital fraud across the relevant policies and any applicable bonding requirements.
What should a financial services firm prepare for review?
Prepare entity and ownership details, a precise service description, client and asset information, contracts, loss history and payment controls. Identify changes in services, acquisitions, funds handled or responsibilities to clients.
From our journal
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