Financial institutions

Financial institutions account for a huge proportion of the UK economy and present a unique set of risks requiring the advice and guidance of a specialist insurance broker.

In addition to the usual property and liability risks associated with any business, financial institutions attract a whole new set of risks that arise whenever large sums of money or precious materials are involved – particularly fraud, theft, professional negligence and embezzlement.

Over the years, at Bluefin we have developed a particular specialism in this sector especially for mortgage lenders and private client stockbrokers requiring a ‘Bankers Blanket Bond’ led solution and for other clients requiring a ‘Professional Indemnity’ led solution.

Clients may also benefit from a range of ancillary services and products designed to enhance operational effectiveness and efficiency and reduce exposure to losses and claims.

We assess each client on their own merits and, following an analysis of their operational risks, aim to provide customised insurance cover at competitive terms through access to all leading insurers and Lloyd’s.

We have provided insurance products and services for a variety of financial institutions including:

Protecting people and assets

We offer the full range of cover to protect our clients’ property and employees. Although the actual coverage format will vary from client to client, the main areas can be summarised as follows:

• Bankers blanket bond incorporating appropriate individual crime risks as well as professional indemnity insurance; D&O; and trustees’ liabilities
• Fidelity guarantee: covers losses caused by theft, fraud or dishonesty of employees
• Money: covers loss of money from the premises or home of an employee or while in transit
• Kidnap and ransom: cover for professional advice and guidance and the payment of any ransom for employees kidnapped on company business
• Vault risks
• Art, jewellery and specie
• Transit and precious metals
• Political and credit risks
• Tax indemnities
• Hostile takeover
• Buildings: loss or damage from various perils such as fire, storm, flood, vandalism and theft
• Contents, machinery and equipment: loss or damage from various perils such as fire, storm, flood, vandalism and theft
• Business interruption: compensation for reduced income and increased running costs following an insured loss
• Mechanical breakdown/engineering: covering failure of heating, ventilation or other equipment
• Personal accident: compensation for serious injury to employees
• Assault: compensation for bodily injury incurred as a result of assault while carrying company money
• Travel: cover for money, personal belongings and medical expenses while travelling on company business
• Motor fleet
• Stockbrokers insurance
• Umbrella liability insurance
• Performance bond insurance

Protecting legal liabilities

• Professional indemnity insurance
• Directors & Officers liability
• Employment practices liability
• Trustees liability
• Contingency and special risks
• Cyber and digital: covering losses arising out of the misuse of email, the internet and other electronic media
• Prospectus liability
• Sale and purchase liability
• Contractual liabilities
• Title and search indemnities
• Environmental liabilities
• Employers' liability: protecting the owner's liability for injuries, disease or damage incurred by employees in the course of their work
• Public liability: protecting the owner's liability for injuries, disease or damage incurred by customers, visitors and other third parties

Risk management services

In addition to designing the financial insurance programme that best meets each individual client’s particular requirements, we can also provide access to a range of support services designed to help them improve safety and security; reduce accidents at work involving staff or customers; mitigate losses in the event of an adverse incident; manage trading risk exposures; and design a business continuity plan for use in a disaster.

Such support may be provided in the form of published materials or by introducing the services of fee-based specialist surveyors and risk managers.

Typical topics include the following

Claims

In the event of a claim, clients typically have access to a 24 hour emergency helpline and our specialist in-house advisers will liaise with the relevant insurers to reach final resolution at the earliest opportunity.

Where appropriate, clients will also have access to the services of independent loss adjusters to act on their behalf during the recovery period.

Our Financial Institutions Insurance clients may also be interested in Personal Insurance, Directors & Officers Insurance and Professionals Insurance

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