Financial limits state a type of insurance coverage that protects businesses and financial institutions against financial losses resulting from specific types of risks, such as fraud, money laundering, and cyberattacks. These policies typically provide coverage against losses resulting from criminal acts, errors and omissions as well as other financial losses. Examples of financial limits insurance include directors and officers liability insurance, error and negligence insurance, and cyber liability insurance.
Bankers Blanket Bond Insurance (BBB)
It is a type of insurance that covers the damages resulting from the actions of the employees. It is necessary in banking services since it provides protection against several types of losses. This policy is planned for financial institutions such as banks, foreign exchange companies etc. The policy provides assurance in case of disloyalty of an employee, loss of cash in workplace, counterfeiting and counterfeit money etc. The aim of the insurance is to protect the institution against financial losses in case of fraud comminment of employees, embezzlement, and other dishonest or criminal acts.The assurance also provides protection against the risks of loss resulting from the errors and omissions made by employees, including tellers, loan officers, and other types of employees, when they are on duty. Banks and other financial institutions generally purchase these types of bonds in order to be pretected against the risk of loss from employee related fraud or other employee related criminal acts.
Computer Crime Insurance
Computer crime insurance, also known as cyber crime insurance, is a type of insurance that covers financial losses that a business may encounter as a result of computer-related crimes. The purpose is to protect businesses against losses resulting from computer-related criminal activities such as hacking, fraud, extortion and other forms of cybercrime.
It is purchased by businesses of all sizes, by especially financial institutions, healthcare providers, and retailers that store sensitive information.
Professional Indemnity Insurance
Annual professional indemnity insurance, also known as professional liability insurance, is a type of insurance that covers consultants, lawyers, accountants, engineers, and other professionals. This insurance aims to protect them against financial losses in case of being hell responsible for errors or omissions when on duty. It usually provides coverage for legal defense costs and damages in the event of a claim. Coverage also includes protection against claims resulting from slander, breach of privacy, and other types of claims.It is often purchased by consultants, lawyers, accountants, engineers, and service providers.
Single Project Professional Indemnity Insurance
Single-project professional indemnity insurance, also known as project-specific professional liability insurance, is a type of insurance that provides coverage for a specific project or a contract. It aims to protect consultants, engineers and other employees against financial losses in case of being held responsible for errors or omissions when on duty related to the project or the contract.It provides coverage for legal defense costs and damages in case of a claim resulting from a specific project or a contract. It may also cover protection against claims resulting from breach of contract, breach of fiduciary duty, and other forms of tort. This type of insurance is often purchased by professionals such as consultants, engineers, and other professionals who provide services to clients on a specific project or contract basis.
Directors and Officers Liability Insurance
Directors and officers liability insurance is a type of insurance that provides assurance in case of personal assets of directors and officers working in a company if they are held responsible for their faults on duty as directors and officers. The purpose of insurance is to protect the personal assets of directors and officials against financial losses resulting from legal action, such as lawsuits or regulatory actions against them. It provides coverage for legal defense costs and damages in case of a claim. The assurance may also cover protection against claims resulting from torts, such as breach of duty, fraud, and other types of torts. It may also include protection against claims resulting from slander, breach of privacy, and other types of claims.This insurance is often purchased by companies, nonprofits, and other types of organizations in order to protect the personal assets of their directors and officers.
Commercial Crime Insurance
Commercial crime insurance, also known as financial institution bond or crime insurance, is a type of insurance that assures businesses and financial institutions against damages resulting from criminal activities such as fraud, embezzlement, forgery and other criminal acts committed by employees. It covers losses resulting from criminal acts such as employee fraud, forgery or falsification, computer fraud, funds transfer fraud, other criminal acts that may result in financial loss to a business or financial institution. It can include loss of money, securities and other property, as well as loss of reputation. Commercial Crime insurance is often purchased by businesses and financial institutions in order to be protected against the risk of loss resulting from fraud of an employee or other employee criminal acts.
A Performance Guarantee is a type of bail bond that assures the completion of a specific project contract by a subcontractor or someone else. It aims to protect the project owner or the customer against financial losses in case of that the contractor or the enterprise cannot complete the project and the contract as specified. A performance bail covers the cost of completing the project or contract in case the contractor or business fails to complete the project. The coverage of the bail may also include protection against additional costs, such as the cost of hiring replacement contractors. Performance Guarantees are often required on construction and other types of projects and contracts in case a contractor or business is hired to do business. It is often purchased by contractors or businesses. The promissory note is a guarantee that the contractor or the enterprise will fulfill its contractual obligations as specified in the contract.
Bail Bonds Insurance
A bail bond is a type of financial guarantee provided by a bail company or bank to ensure the performance of a specific obligation. The promissory note aims to protect the person who needs the guarantee (the creditor) against financial losses, in case that the guarantor (payee) cannot fulfill the debt. Bail bonds are widely used in a variety of industries such as construction, government contracting, and professional services. There are several types of Bail Bonds, each with a specific purpose. Some examples include:
-Performance bonds assure the completion of a specific project or a contract by a contractor or other type of work.
- Promissory notes assures that the contractor or entity will pay its subcontractors and suppliers for work and materials provided in the scope of a project or contract.
- Bid bonds assure that the contractor or the enterprise will make an agreement and provide performance bonds if a project or contract is awarded to them.
Building Completion Insurance
Building Completion Insurance is a type of insurance coverage planned to protect builders and contractors against financial losses resulting from the completion of a construction project. It covers the necessary expenses or costs in case the construction project is delayed, abandoned or cancelled. The insurance may include additional costs for materials, labor and overheads. The insurance policy provides the builder a financial protection in case of unexpected incidents, such as a change in building codes, a change in the design or characteristics of the building, or a decline in the local real estate market. Building completion insurance is usually purchased by the contractor but can also be purchased by the owner of the building project.
Trade Credit Insurance
Trade Credit insurance is a type of insurance coverage that protects companies against losses resulting from customers' or debtors' inability to pay the debts. This type of insurance helps companies reduce the financial risks related to loan extending to customers and it also increases the stability of the loan portfolio by protecting against losses. Coverage may include protection against default, slow payment, bankruptcy and other risks and can be customized to suit the specific needs of the insured company.
Bill Protection Insurance
Bill protection insurance is a type of financial insurance that protects businesses against financial losses resulting from the situation of non-payment of invoices. This insurance typically covers legal fees and costs in case incurred in paying unpaid bills, as well as the cost of losses due to non-payment. The coverage provided by bill protection insurance can be customized to meet the specific needs of a business and can include a number of different types of bills, such as local, international and cross-border bills. This type of insurance is often offered as an endorsement of a business's existing business credit insurance policy.
Frequently Asked Questions
Bridge offers many insurance products within the scope of financial insurance. The products are listed below:
● Umbrella Insurance
● Computer Crimes Insurance
● Annual Professional Liability
● Single Project Professional Liability
● Manager Liability
● Commercial Crime Insurance
● Performance Based Insurance
● Guaranteed Insurance
● Building Completion Insurance
● Trade Credit Insurance
● Bill Protection Insurance
When purchasing financial insurance, you should consider some factors such as:
- Security deposit needs of your business,
- The risk level of your business,
- The reputation and financial stability of the insurer,
- Policy terms and conditions,
- Premium cost.
If you are willing to purchase a financial insurance policy, you can contact us and get detailed information. We will determine the most comprehensive and most suitable assurance for you and contact you immediately.
The cost of financial insurance depends on several factors, such as the type of coverage, the amount of coverage, the size of the business, the nature of the business and the level of risk. Therefore, no exact price information can be shared.
Financial insurance is generally purchased by banks, credit unions, investment firms, accounting firms, and other financial institutions and businesses.
Financial insurance is very important since it provides protection to financial institutions and businesses against losses resulting from improper behavior of employees or managers that could otherwise have serious financial consequences.
Financial insurance covers various risks, including the following:
● Professional Compensation,
● Cyber Liability,
● Commercial Crimes,
● Bill Protection,
● Manager and Officer Liability
Financial insurance protects financial institutions and businesses against damages resulting from fraudulent, dishonest behavior by employees or managers, such as fraud, cybercrime, theft and embezzlement.