Due to intense regulatory scrutiny, financial institutions (banks, credit unions, insurance companies, investment advisers, hedge fund, mutual funds, venture capital and private equity firms) have unique operational risks that require specialized insurance to protect them from:
- Claims against regulatory noncompliance.
- Claims regarding unfair, discriminatory or predatory loan practices.
- Data breaches.
- Derivative claims.
- Disclosure claims, particularly in misleading, inaccurate, or falsified financial reporting.
- Errors and omissions claims from the administration of trusts.
- Lenders liability claims revolving around wrongful foreclosures.
- Liability claims arising from physical loss or damage of assets, including assets stored in safety deposit boxes and during transfer between locations.
- Risks to directors and officers of the firm from shareholder actions.
That’s why it’s important to work with a professional insurance advisor like JAISIN who has a thorough understanding of the exposures financial institutions and their personnel face every day. Purchasing a policy from the same agent who sells you your general liability coverage could leave you seriously unprotected.
The safer and smarter solution is to have a special risk advisor at JAISIN identify your unique risks, develop a custom insurance plan just for your organization and combine it with your other insurance liability products (e.g., D&O, E&O, EPLI, fiduciary, cyber, crime, general liability and worker’s comp). The combining of professional and commercial coverage is something we have experience with and highly recommend, because it results in fewer premiums and additional savings. Talk with one of our advisors today, and let us help protect what’s yours.
What Gives JAISIN the Edge on Insurance Liability Solutions for Your Financial Institution?
JAISIN, an independent, full-service insurance company that provides liability insurance to financial institutions, uses the following five-step approach to ensure you get the broadest coverage at the most cost-effective price.