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Insurance for Financial Institutions
Zurich has been delivering insurance solutions to financial institutions longer than any other insurance provider in the U.S. Zurich works closely with financial institutions, offering more than 20 coverages to help them better protect their assets based on the wide spectrum of risks faced by financial institutions.
For more information, contact:
Stan Bernard
Head of Financial Institutions
and Professional Services
U.S. Middle Market
Mobile: 201-207-3974
stanley.bernard@zurichna.com
View our resources for insurance solutions for financial institutions
Top Risks Facing Financial Institutions podcastFinancial Institutions Industry Trends video
Banking Industry Property and Casualty fact sheet
Financial Institutions Financial Lines fact sheet
Why choose Zurich for financial institution insurance?
Zurich has been a part of the financial services industry for 150 years, so we come to the table with extensive experience.
Zurich offers a full suite of financial services insurance solutions, including a proprietary package policy combining property and liability coverages for foreclosed and force-placed properties through our Lender Property Reporting (LPR) policies. And we have a dedicated team of underwriters experienced in working with financial institutions.
For financial services firms with international exposures, we can design and help implement a Global Master Program assuring compliance with all local insurance and tax regulations, as well as Foreign package coverages and trip travel programs.
Insurance Products for Financial Institutions
Zurich offers a “one-stop-shop” solution suite of insurance products, including Property and Casualty, Financial Lines, Cyber insurance, Trust, Mortgage Protection Policies, Lender Property Reporting, and International coverages:
Zurich’s broad all risk property form addresses the exposures that financial institutions face including:
- Technology Service Provider
- Unintentional Errors or Omissions
- Flexible Extended Period of Indemnity options
- Better Green™ - coverage to rebuild to same or higher green standard automatically included via sublimit after a covered loss
- Flexible Accounts Receivables, Valuable Papers, Computer Systems and Fine Arts limits
- Ordinance or Law applies to all covered property and time element loss, not just buildings
- Loss of Utilities includes overhead lines
- Broad personal property definition includes Personal Property of others in your care, custody and control
Coverage highlights that include:
- Broad Named Insured (includes Partnerships, Joint Ventures and LLC’s)
- Automatic Blanket Additional Insured
- Automatic Waiver of Right of Subrogation and primary non-contributory conditions
- Drive-through Automated Teller Machine (ATM) Property Damage
- Definition of Bodily Injury includes mental anguish, mental injury, shock, fright or death
- Crisis Reimbursement
- Essential Executive coverage
Coverage can include solutions for:
Exporter Solutions
- Coverage for domestic companies moving into the global arena
Zurich Envoy®
- Coverage for companies with an established foreign presence
Zurich Envoy® Global Property
- Coverage for larger and more complex risks, our "all risk" property form was built with both domestic and global clients in mind, providing flexibility and alignment with applicable insurance regulations in all jurisdictions where we provide insurance.
Zurich Travel Assist
- Provides concierge services (e.g., forgotten prescription, lost passport) and facilitation for medical and security needs
Management and Professional Liability
- Directors and Officers (D&O), Employment Practices Liability (EPL), Fiduciary Liability and Crime
- Professional Liability or Errors &Omissions (E&O)
- Cyber
Flexible options that include:
- Level and variable dividend options available
- Loss sensitive programs available
- Headcount retrospective options
- Pay-as-you-go payroll options
Specialized Financial Services Coverages
In addition to the many traditional insurance coverages needed by most businesses, Zurich can provide specialized insurance coverages tailored to the needs of financial services firms, including:
- Foreclosed Properties
- Mortgage Protection Policy
- Trust Properties
- Repossessed Auto
- Contingent Auto Leasing
Risk Engineering
Financial services businesses need to identify, assess and mitigate risks as components of a robust risk management program. Zurich Risk Engineering professionals can be central to that process, having extensive experience working with companies in many industries, including financial services.
In addition to the services of a dedicated Risk Engineering Services Coordinator, Zurich Resilience Solutions can provide a suite built to address the most frequent and severe risks facing financial services businesses, including:
- Property and Casualty risk assessments
- Water intrusion evaluation
- ACURE water damage and prevention program
- Office ergonomics
- Slip, trip and fall assessment
- Fleet review and telematics implementation assistance
- Access to Safety Source’s complete on-line video library
- Cyber risk assessment
- Access to Disruptive Event response and security experts
Claims services
Zurich Claims specialists are strategically deployed across the U.S. and around the globe to help customers respond to and mitigate loss events, and to gain insights into ways to become more resilient against future losses, with:
- An award-winning, Zurich-owned Customer Care Center available 24/71
- Concierge Customer Service Executive, acting as a dedicated resource for all claims and related inquires
- Access to digital programs that provide a transparent claims process
- Knowledgeable and reliable claims staff with industry-specific expertise
- When utilized, integrated Medical Management program yields a 63% reduction in medical bills costs, on average2
1. Top Mid-size Contact Center as recognized by Contact Center World in 2021
2. Zurich North America Claims Finance 2021
FAQs
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What is financial services insurance?
Financial services institutions and related businesses – from banks and credit unions to asset managers as well as insurance companies and brokers – operate in a business environment that can change overnight. Further, they need the same property, liability, workers’ compensation and other lines of commercial insurance as other businesses.
Zurich understands that managing the complex risks facing financial services businesses can be particularly challenging in uncertain times. It is why we deliver a wide variety of financial services insurance products – from the traditional property and casualty insurance coverages all businesses need to specialized products attuned to the unique needs of companies in this important industry.
News and Insights
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