Bankers Professional Liability

Bankers Professional Liability coverage refers to a type of errors and omissions coverage written for banks and financial institutions. These policies cover economic losses resulting from mistakes committed in providing financial services that include, but are not limited to, acting as a wire transfer or escrow agent, consumer financial, tax, or estate planner, trustee under a bond indenture, and providing electronic data processing services.

The Bankers Professional Liability Endorsement protects against losses resulting from Wrongful Professional Services Acts. Wrongful Professional Services Acts refers to any actual or alleged omission, error, misstatement, misleading statement, neglect or breach of duty.

Professional Services are certain fee-based professional services including, but not limited to:

  • Depository Services
  • Brokerage Services
  • Insurance Services
  • Data Processing Services
  • Real Estate Services (other than appraisal services)
  • Notary Services
  • Miscellaneous Consumer Banking Services such as wire transfer services, credit card administration, and sale of travelers checks and money orders

Commercial Insurance