Financial institutions directors and officers liability

Financial institutions have to operate within a growing array of complex laws, rules and regulations, which increase the potential for litigation and consequent loss. All financial institutions, regardless of services offered or be they public or privately held can be affected by suits against the company and/or management. With the increasing focus from regulatory bodies it is becoming more important than ever that Companies protect their key personnel from suits brought against them.

Chubb provides market leading directors and officers liability insurance providing crucial protection to the company and its senior management against claims of wrongdoing from various parties including; shareholders, employees, competitor companies, and the government.

• A broad definition of the term ‘wrongful act’ offers businesses greater protection
• Cover for both claims and investigations
• Cover for the company for securities actions
• Cover for directors and officers plus an extensive number of other responsible persons
• Global network of underwriters and claims professionals
• Highly experienced underwriting team with the ability to tailor cover to suit individual business needs

Directors and officers, including:

• Unrestricted definition of directors or officers covering all types of past, present and future directors and officers.
• Managerial and supervisory employees.
• Employees as co-defendants. Retired directors, other than those retired because of disqualification from holding office.
• Directors and other individuals who, at the request of the company, serve on an outside entity board.
• Spouse, estate or legal representative of deceased directors.
• All approved persons who perform controlled functions and those designated under the senior managers regime and certification regime.
• The company for securities action claims.
• Any lawyer employed by the company who in their capacity as such must comply with Sarbanes-Oxley Act of 2002.

Comprehensive cover for the directors and officers against defence costs and legal liability incurred from:

• Wrongful acts
• Errors and omissions
• Misstatement
• Negligence
• Breach of duty

Cover includes:

• Damages, judgments, expenses and defence costs
• Costs of legal representation for investigations
• Losses incurred within 30 days of management buy-outs of a subsidiary
• Costs arising from extradition proceedings
• Cover for deprivation of assets of individuals
• Separate additional limits for independent directors
• Long tail Retired Director cover
• Individuals covered for pre-investigation costs
• Civil fines and penalties cover for individuals where insurable by law
• Tax contributions where the company has become insolvent and there is personal
• liability of an insured director
• Actions between directors of a company
• North American exposures where applicable

• Professional indemnity insurance
• Employment practices liability insurance
• Pension trustee liability insurance
• Fidelity and comprehensive crime insurance
• Cyber insurance

Chubb is rated consistently amongst the highest for financial strength: AA from Standard & Poor’s and A++ from A.M. Best.

Recognised market leader
We have a dedicated and highly experienced underwriting team with a vast amount of knowledge on the crime exposures facing all types of financial institutions.

Multinational capability
Chubb’s worldwide network can provide local cover for multinational operations or companies with multinational exposures.

Award-winning claims service
Our claims team is consistently recognised as the best in the business. We handle all claims in-house and clients have a single loss adjuster to liaise with throughout the process.

Awards

Best for financial strength
A++ SuperiorAM Best’s highest rating for financial strength

Best Global D&O Insurer
Global Finance, 2015

Best cyber & technology risks team
Post Magazine, 2014

Excellent niche products and good service
Insurance Times Broker Survey, 2015