BPL, or bankers professional liability insurance, protects against major losses in the case of settlements, required payments, or costs to fight allegations related to financial wrongdoing. However, contrary to what the name might suggest, BPLI is not limited to different kinds of bankers. Many professionals in the financial field can benefit from BPLI insurance and protect themselves against financial losses.
Knowing Who Is Considered a ‘Banker’ Under BPLI Policies
In this context, ‘banker’ is a broad term that covers quite a few financial professionals. Of course, it includes those who actually have the word ‘banker’ in their title, but it also stretches further. BPLI can, in some cases, be included in D&O – directors and officers – policies to protect the executives in the upper levels of a financial institution. Bankers professional liability insurance can cover professionals involved in planning such as financial, tax, or estate planning. Some insurance providers include professionals who deal with real estate transactions such as escrow agents. Some individuals who qualify for BPLI may even be able to obtain coverage for the assets of a life partner or spouse.
In order to secure a BPLI policy with sufficient coverage, or to find out whether you can be covered by BPLI, arrange a consultation with an experienced insurance provider. With the help of a qualified insurance professional, you can ensure that you have coverage in the case of errors or omissions in your business dealings.