AXIS INSURANCE SERVICES, LLC: E&O Coverage for Financial Institutions
As a leading provider of Professional Liability insurance products, Axis Insurance Services, LLC provides financial institutions with custom policies in the event a customer holds you responsible for a service you provided, or failed to provide, that did not have the expected or promised results. Whether the claim has any merit or not, an Errors & Omission (E&O) policy will respond and help pay for legal defense costs, settlements, and judgments. E&O insurance also helps manage legal costs in responding to formal regulatory or administrative proceedings in connection with a financial institution’s activities.
Product Overview
An E&O policy for financial institutions can cover the following exposures:
- Breach of agreed investment parameters
- Breach of management contracts
- Perceived underperformance
- Lack of due diligence prior to investments
- Alleged dishonest acts of employees
- Incorrectly executed trades
- Failure of internal risk control
- Suitability of investments
- Alleged mismanagement
- Bad faith
What differentiates us from others is that we don’t provide cookie-cutter solutions to our clients. No two clients are alike and their E&O solution should reflect this. Our staff, with nearly 20 years in designing and placing Professional Liability coverage, can build a policy to include:
- Proper policy and aggregate limits
- Coverage for the insured business entity and its employees, directors, officers and other agents
- Automatic coverage for newly acquired subsidiaries
- Regulatory investigations
- Fines and penalties
- Network security and breach liability
- Extended reporting period – a designated time period after a claims-made policy has expired during which a claim may be made and coverage triggered as if the claim had been made during the policy period
- Coverage may be extended to include lender liability, trust services or vicarious liability for services that a financial institution may provide through a third party
In addition to financial institutions, we can provide coverage for:
- Insurance Companies
- Registered Investment Advisors
- Broker/Dealers
- Hedge Funds
- Activist Funds
- Private Equity
- Real Estate Investment Trusts
- Real Estate Syndications
