Your firm’s focus is raising capital and managing the wealth of others. However, it is important that financial service specialists also protect their own personal assets and mitigate the liability exposures associated with their contracted services.
Directors and Officers Liability and Professional (or E&O) Liability are the focal risk management concerns of most financial service providers including investment advisors, real estate fund and hedge fund managers, mortgage brokers, investment bankers and wealth management firms. The need to address these “executive risk” operational exposures has remained static, but changing insurance market conditions have created new challenges for firms looking to properly protect their corporate risk and the personal assets of their management team at a reasonable cost.
Over the past two years, executive risk insurance carriers have instituted stricter underwriting standards that have entailed constricting the availability and scope of protection, limiting coverage enhancement offerings, and having insureds share in losses to a much greater extent in the form of higher retentions. Significant rate and premium increases are also being charged in response to mounting claim activity and declines in underwriting profitability within the financial service sector.
InterContinental Insurance Brokers has the market relationships and specialized know-how to navigate these market conditions and provide your firm and your directors and officers with a high level of financial protection.
Types of insurance commonly purchased by financial service providers include:
- Directors and Officers Liability
- Professional Liability (“E&O”)
- Comprehensive Crime Coverage
- ERISA Coverage for Client Accounts
- Mortgage or Investment Bankers Bonds
- Employment Practices Liability
- Cyber Privacy & Security Insurance
- Fiduciary Liability
- Property and Business Income Coverages
- Commercial General Liability
- Automobile Insurance
- Workers’ Compensation
- Umbrella Liability
- Travel Accident Insurance