Financial Institutions
In a financial institution exposure has left the balance sheet and settled in operations: in the process that serves the customer, in the supplier that sustains it and in the minutes that approved doing it that way. Supervisor, customer and shareholder claim through different channels and rarely share a timetable. We know how the specialist market underwrites directors' liability, operational resilience and third-party risk, and we structure with you a layered programme that reserves capacity for each front.
The covers that support a company in this sector
Each one is designed based on the company's real exposure. None are contracted the same in two companies in the same sector.
- Cyber risk insurance24h response and business interruption
- D&O insurance for directorsThe personal assets of those who decide
- Insurance due diligence and W&I insuranceInsurable liabilities before closing
- Claims management for businessesTechnical defence of the claim
- International insurance programmesMaster policy and admitted local policies
Lo que nos preguntan en financial institutions
We already have a directors and officers policy. Why also take out a separate Side A?
Because the ordinary D&O shares the same limit among three destinations: the director's defence, reimbursement to the company that indemnifies them, and the cover of the entity itself. A lengthy procedure can consume that capacity, and the Side A in excess reserves a limit for the director's defence in the event that the company cannot indemnify them.
Does the cyber policy cover a supervisor's sanction?
The defence and regulatory sanctions guarantee assumes the legal management of the file. The response to the incident is ordered by the policy panel and the loss due to the stoppage corresponds to the network interruption guarantee: these are three distinct sub-limits and are considered together, as this is where the expense is concentrated. The sanction itself is covered to the extent that it is legally insurable in the applicable jurisdiction, so the specific wording of the contract is reviewed before considering it included.
What is checked when the service depends on a technology provider?
The DORA regulation requires maintaining the information register of all agreements with ICT service providers, identifying which ones support essential functions, and preserving in each contract rights of access, audit, and orderly exit. The entity is accountable to the client and the supervisor, so the conversation with the insurer starts with that register: who is included, with what classification, and with what recovery time committed in writing.
Our publications related to the Financial Institutions sector
Anatomy of a ransomware claim: the seventy-two hours that determine the cost
The ransom is almost never the most expensive item. The costly part is the downtime, the reconstruction of the environment, and the notifications that must be made against the clock.
8 min readRegulatory updates
NIS2: which companies it affects and what changes in their cyber risk policy
The directive greatly expands the number of obligated entities and introduces personal liability for management. What it implies for insurance.
6 min readPractical guide
What to review before renewing your insurance programme
Twelve checks that separate a negotiated renewal from a tacit renewal. Most are not related to the price.
8 min read