Bankers Professional Liability
The Bankers Professional Liability Endorsement protects against losses resulting from Wrongful Professional Services Acts.
Key Definitions
Wrongful Professional Services Acts means any actual or alleged omission, error, misstatement, misleading statement, neglect or breach of duty. Professional Services are certain fee-based professional services including, but not limited to:
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Insurance Services |
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Depository Services |
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Brokerage Services |
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Insurance Services |
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Data Processing Services |
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Real Estate Services (other than appraisal services) |
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Notary Services |
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Miscellaneous Consumer Banking Services such as wire transfer services, credit card administration, and sale of travelers checks and money orders |
Scope of Coverage
The BPL endorsement covers certain professional services the bank offers to its customers. Depository Services coverage is a critical component of coverage under the BPL Endorsement. Many banks do not realize the magnitude of the exposure that is related to depository services: over 30% of lawsuits against banks are directly or indirectly related to depositor relationships. These suits result from the bank honoring instruments with improper endorsements, erroneous asset transfers, and general account errors.
Availability
Coverage is available as a sublimit to the D&O Policy or a separate limit of liability.