Financial Lines

Turbulent economic conditions have created unprecedented liability risks for today’s directors and officers. The threat of litigation and investigation is growing across business and industry segments, and the consequences for corporate leaders and their companies can be enormous.

Our offering provides protection for directors, officers, administrators, supervisors, managers and employees for actual or alleged wrongful acts resulting against them for breach of duty, neglect, misstatements, errors and omissions and the day-to-day decisions and actions taken whilst acting in the scope of their managerial duties.

We can offer an appropriate solution for all sorts of entities, from a small foundation up to a worldwide operating multinational.

Employment practices liability insurance (EPLI) protects companies, as well as managers and other employees, against financial risks resulting from claims based on employment-related discrimination, harassment or wrongful torts such as wrongful termination.

We cover fees, expenses and compensation awards including punitive damages arising out of alleged or actual wrongful employment acts.

Now more than ever, businesses face increased exposure to commercial crime. Thieves and fraudsters can include internal employees, external sources, or a combination of the two working together for their own personal gain.

Our Commercial Crime insurance provides protection against a wide range of illegal activity. Our extensive commercial crime wording extends coverage to both internal and external crime and covers losses on or off the business’ premises as well as interest receivable or payable resulting from a loss.

Professional indemnity insurance (and/or errors and omissions) protects professionals in your business against claims arising from the professional services that you perform. We offer solutions for a wide range of professions such as solicitors, accountants, management consultants, technology and media professionals.

For financial institutions, our portfolio of solutions includes:

• Directors’ and officers’ liability insurance
• Professional liability insurance
• Fraud (including computer fraud) insurance

All these types of insurance coverage can be taken out on a stand-alone or combined basis.

For fund managers/fund advisory companies (including Private Equity and Venture Capital) we developed a specific insurance product, asset and investment management insurance (AIMI). This provides a blended directors’ and officers’, professional liability, and crime cover, including the investment structures as well as the people involved.

We can service all entities working within the financial system, including banks, insurance and reinsurance companies, investment firms (including private equity, venture capital, and real estate), stock exchanges, corporate service providers, brokerage firms, asset managers, and (pension) fund administrators.

For financial institutions, our portfolio of solutions includes:

• Directors’ and officers’ liability insurance
• Professional liability insurance
• Fraud (including computer fraud) insurance

All these types of insurance coverage can be taken out on a stand-alone or combined basis.

For fund managers/fund advisory companies (including Private Equity and Venture Capital) we developed a specific insurance product, asset and investment management insurance (AIMI). This provides a blended directors’ and officers’, professional liability, and crime cover, including the investment structures as well as the people involved.

We can service all entities working within the financial system, including banks, insurance and reinsurance companies, investment firms (including private equity, venture capital, and real estate), stock exchanges, corporate service providers, brokerage firms, asset managers, and (pension) fund administrators.

Zurich Cyber Solution provides a streamlined, clear policy structure. This solution offers first and third-party coverage to respond to many types of losses associated with cyber risks.

First-party covers include:

• Breach costs
• Business income loss and dependent business income loss
• Digital asset replacement expenses
• Cyber extortion threats and reward payments
• System failure and dependent system failure
• Cyber fraud and social engineering (optional endorsement)
• Emergency costs

Third-party covers include:

• Security and Privacy Liability (incl. General Data Protection Regulation (GDPR))
• Regulatory proceedings defence costs
• Civil fines and penalties associated with Payment Card Industry (PCI)
• Internet media liability

Our Cyber Solution is complemented by Cyber Risk Engineering services. These services help your business develop an effective and robust cyber security program by, for example, carrying out a cyber risk assessment. Zurich’s risk assessment will analyze your core business processes for cyber exposure, find weaknesses in your controls setup, benchmark your cyber posture’s maturity to industry peers, and ultimately identify countermeasures to improve your cyber security.