Financial Lines Insurance is a range of policies that are designed to protect companies, management, employees, advisors and funds against financial loss in the event of management and professional liabilities within their specific field.
Litigation is becoming increasingly prevalent as most industries become progressively more regulated. Protecting your organization, employees and managed funds with Financial Lines Insurance allows business to continue without worrying about the financial repercussions of potential liabilities your company may be exposed to.
Coverage of individuals can include managers, board of directors, advisers, partners, funds, sub-funds, subsidiaries, committees and employees. This includes dishonest acts, errors, negligence, and breach of trust or fiduciary duty by the above-mentioned individuals. Financial loss for which an individual is legally liable and the legal expenses required in litigation proceedings, as well as fees associated with regulatory investigations and damages awarded in court are common forms of coverage within Financial Lines Insurance. This also extends to financial loss associated with dishonest acts of individuals.
There are several categories where insurance can be applied depending on a company’s function and structure: