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INSURANCE FOR THE FINANCIAL INDUSTRY

financial-service-industry

Insurance for the financial industry

Financial services companies, such as banks and insurance companies, operate in a business in which uncertainty, risk and sometimes overnight change simply go with the territory. At the same time, financial organizations need the same property, liability, workers’ compensation and other lines of commercial insurance as other enterprises. Financial services insurance helps meet those needs.

Why Zurich?

Drawing on our long history of providing insurance products to financial institutions, and our depth of knowledge about the risks financial institutions face, Zurich offers a wide range of products and services specifically designed for the industry.

15,200 fires each year
caused $660M in property damage at office properties1


2.5 X more likely to be injured
by falls in the office workplace compared to other occupations2


135 data breaches
in 2018 with over 1.7M records exposed in the banking, credit and financial industry3


Financial services insurance solutions

The financial services industry has experienced an accelerated rate of change in the 21st century. Zurich has consistently served the evolving needs of financial institutions for more than 125 years. From the smallest banks and credit unions to the largest insurance companies, Zurich is committed to working with each customer to deliver a broad array of products.

  • Banks and credit unions
  • Insurance companies and brokers

Insurance coverages

Traditional coverages:

Property, General Liability, Management Liability, Workers’ Compensation, Fleet coverage, Cyber insurance and International

Banks and credit union industry coverages:

Coverage for repossessed properties

Foreclosed homes and commercial properties might sit vacant. Zurich offers coverages and services to qualified customers to help protect their repossessed properties.

Allegations of mismanagement

Zurich Management Liability products offer protection to bank managements against lawsuits alleging mismanagement, harassment or breach of fiduciary duty.

Vacant bank locations

Zurich provides flexible endorsement options to address your exposures related to locations that are vacant due to natural disasters, changing economic conditions and other causes.

Losses from mortgage operations

Zurich helps banks protect against oversights made by either you or your customer, resulting in errors and coverage gaps.

Environmental Liability from commercial real estate-backed loans

Zurich’s Lender Environmental Collateral Protection policy helps protect banks that hold or invest in individual or portfolio loans backed by commercial real estate.

Professional Liability solutions for financial institutions

When investments disappoint or regulatory misconduct is suspected, investment advisors and hedge fund managers can be the subject of litigation. This suite of products is built to protect against almost every situation.

 

Tools and solutions for banking institutions and credit unions

Banking and credit union insurance solutions from Zurich help banking institutions avoid, manage and mitigate the evolving risks they face. For banking institutions and credit unions, serving the needs of individuals and businesses depends on trust and strength. Zurich helps you maintain those qualities with a full portfolio of both traditional insurance and specialized, financial industry-specific coverages backed by the knowledge and experience of industry-leading Risk Engineers.

Complimentary Risk Engineering learning tools and resources available to Zurich policyholders include digital self-service risk assessment applications, such as Zurich Risk Advisor©; monthly e-newsletters; slip, trip and fall prevention (STF) resources; water mitigation recommendations; hazard communication; hearing conservation; respiratory protection and silica control; safety calendars; business risk reviews; and risk reduction seminars and webinars.

Fee-based services provided by a professional Risk Engineer:

  • Property risk assessment
  • Water intrusion evaluation
  • Cyber risk assessment
  • Slip, trip and fall (STF) assessment
  • Office ergonomics
  • Workplace violence training
  • Fleet program review & implementation assistance
  • Safety Source Learning Management Systems (LMS)

Download the Risk Engineering Solution Suite for Financial Institutions

 

Insurance coverages

Traditional coverages:

Property, General Liability, Management Liability, Workers’ Compensation, Fleet coverage, Cyber insurance and International

Insurance company and broker industry coverages:

Workforce mobility coverage

Zurich’s premier travel assistance coverages protect employees in transit with business travel accident insurance.

Professional Liability for in-house legal team

Errors and Omissions and Professional Liability coverage specifically designed for in-house legal counsel and support staff.

Professional Liability solutions for financial institutions

When investments disappoint or regulatory misconduct is suspected, investment advisors and hedge fund managers can be the subject of litigation. This suite of products is built to protect almost every situation.

Environmental Liability

In the event of a loan default and discovery of environmental contamination, the policy provides coverage to help protect collateral value and related financial losses.

 

Tools and solutions for insurance companies and brokers

Zurich specialists can help customize coverages for insurance companies and brokers that surpass industry guidelines and offer broad protection. Being in the insurance business themselves, insurers and brokers understand the value of the coverages they purchase and have high expectations of the services delivered by their providers. Zurich meets and exceeds the expectations of our customers, providing consistency, transparency and commitment to quality.

Complimentary Risk Engineering learning tools and resources available to Zurich policyholders include digital self-service risk assessment applications, such as Zurich Risk Advisor©; monthly e-newsletters; slip, trip and fall prevention (STF) resources; water mitigation recommendations; hazard communication; hearing conservation; respiratory protection and silica control; safety calendars; business risk reviews; and risk reduction seminars and webinars.

Fee-based services provided by a professional Risk Engineer:

  • Property risk assessment
  • Water intrusion evaluation
  • Cyber risk assessment
  • Slip, trip and fall (STF) assessment
  • Office ergonomics
  • Workplace violence training
  • Fleet program review & implementation assistance
  • Safety Source Learning Management Systems (LMS)

Download the Risk Engineering Solution Suite for Financial Institutions

 

1. Fires in non residential properties. National Fire Protection Association . March 2013. www.nfpa.org
2. “What are the top injuries in a typical office and how can you avoid them?” Albert Einstein College of Medicine. www.einstein.yu.edu
3. “2018 end-of-year data breach report.” Identity Theft Resource Center. www.idtheftcenter.org/2018-end-of-year-data-breach-report/