Finance & Securities

Underwriting

Can protect underwriters, such as agents, investment bankers and brokers, from liability and legal expense that result from errors in underwriting decisions.

Can include mistakes and omissions, claims and liabilities and legal costs

Banker’s blanket bond

Usually reimburses financial firms for losses from dishonest staff, forged instruments or stolen securities.

Can include dishonest employees, forged or altered documents, securities and counterfeit currency

Fidelity bond

Typically covers the loss when employees steal or misappropriate client funds or property, along with investigation and legal costs.

Can include dishonest employees, computer fraud, forged or altered documents and stolen client property

Kidnap and ransom

May pay for ransom, professional negotiators and crisis support in response to a kidnapping or extortion threat.

Can include ransom costs, negotiator fees, crisis response and communications support

Directors and officers (D&O) liability

Typically protects the personal assets of a financial firm’s senior people if someone sues them over decisions they make in their roles.

Can include individual liability (Side A), company reimbursement (Side B) and entity coverage (Side C)

Professional liability (E&O)

Generally pays defense and settlement costs when a client alleges that a financial advisor’s error, omission or negligence caused them financial loss.

Can include professional error, cost of defense and settlements and court awards

Employed lawyers liability

Can respond if a client says an in-house lawyer’s negligence, error or omission caused financial or reputational harm.

Can include professional error, cost of defense, settlements and court awards and disciplinary hearings

Cyber

Often covers the cost of investigating and recovering from hacking or ransomware, and of responding to people whose data was exposed.

Can include breach response, business interruption and security failure liability

These guides describe types of insurance in general. The right coverage depends on your operations and the terms of the policy issued. Pasaca’s featured lines are cyber insurance, directors and officers (D&O) liability insurance, product liability insurance and aviation insurance.