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Financial Lines Insurance comprises a suite of insurance products designed to protect the risk of financial loss that can arise from any negligence, error or omission in the advice and/or services provided by a wide range of professionals, company executives and businesses. These products also protect their reputation, give them credibility and peace of mind.
Following are the main classes of financial lines insurances offered by the Financial Lines sector:
Under financial lines insurance, this class of insurance protects professionals such as accountants, architects, engineers, lawyers etc. and also quasi-professionals like property managers, real estate agents, IT consultants, web designers etc. against claims that may be made against them for their negligence, errors and omission in the advice and/or services they provide.
The policy will pay the insured’s liability for compensation sought by the claimants plus their costs and expenses, and also the insured’s own defence/settlement costs and expenses.
This is another type of professional indemnity insurance. It is specifically designed for the investment/asset management industry. The insurance policy comprises three parts: professional indemnity, directors’ and officers’ liability, and crime insurance. The professional indemnity part covers the risk of mistakes that may be made in the investment advice/services rendered while the directors’ and officers’ liability part deals with the personal liability of individual directors and officers that may arise from any wrongful act committed by them in managing the entity concerned. The crime part covers the entity against employee infidelity and third-party crime.
Investment/asset managers, investment/fund advisors, investment trusts/funds and real estate investment trust management firms can obtain protection from this class of insurance.
This is a specialised type of professional indemnity insurance covering doctors, hospitals and other healthcare professionals against liability that may result from injury or death to patients. Such liability can arise from various errors such as misdiagnosis, wrong prescription of drugs, and failure to treat.
This is an important product for those involved in medical research (e.g. treatements using new drugs or new medical devices). It covers them against liability that may arise during the various staged of a clinical trial. It also protected the trial participants in the event they suffer any harm from the clinical trial.
It is suitable for those in the Life Sciences industry such as pharmaceutical companies, and medical device and equipment companies.
Another class under financial lines insurance, directors’ and officers’ liability insurance caters to cover the individuals serving in a management role i.e. as directors and officers of a company will incur personal liability if they fail to manage their company’s affairs properly. This class of financila lines insurance will protect them against such liability by paying for any compensation claimed against them and also legal costs and expenses.
This class of financial lines insurance is becoming an increasingly important product for all types of businesses against a wide range of risks associated with information technology.
Coverage provided by Cyber Risk Insurance (or Cyber Insurance) policies include both first-party coverage and third-party liability coverage. First-party coverage is against losses such as data destruction, extortion, theft, hacking, and denial of service attacks. Third-party liability part indemnifies businesses for losses caused to others because of errors and omissions, failure to safeguard data privacy, intellectual property infringement, defamation etc. Regulatory investigation costs can also be covered by this policy.
Click here to read about Cyber Risk Insurance (also known as Cyber Insurance).
This is a tailored insurance product developed by insurers to cover losses arising from breaches of warranties given by sellers in mergers and acquisitions transactions. It enables sellers to have a clean exit after a transaction. Buyers can claim directly from the insurer should there be any breach of the warranties given by the seller.
There are many insurance companies offering the different classes of insurance listed out above. You need an experienced insurance broker who can negotiate a suitable insurance product for you at an optimal price from a reputable insurer. In this regard, Acclaim Insurance Brokers Pte Ltd, is well-equipped to provide you with excellent service.
We have a dedicated Financial Lines Insurance Practice team with more than 30 years of experience in negotiating and placing the various classes of insurance in the Financial Lines Insurance sector for a wide spectrum of professions and industries. We have a strong relationship with the insurance markets, which enables us to negotiate optimal coverage at a competitive price for our clients.
Speak with us today for an initial assessment of your business risks, and we can advise you on the suitable insurance product(s).
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