What the programme should address

Financial institution bond

Fraud, dishonesty and specified property losses.

Professional liability

Customer financial loss arising from services.

Cyber insurance

Digital interruption, data and privacy exposure.

Management liability

Claims involving leadership and corporate decisions.

Risk review priorities

• Map transaction and approval processes.
• Separate fraud, cyber and professional loss scenarios.
• Assess outsourced technology and payment dependencies.
• Review regulatory notification and defence costs.
• Align insured entities across all policies.

Scenarios to test

1. Fraud bypasses payment controls.
2. A technology provider interrupts transactions.
3. Customers allege unsuitable advice or service failure.
4. A regulator investigates governance and disclosure.

For each scenario, identify the affected policy, trigger, deductible, sublimit, waiting period, recovery time and uninsured amount. Treat any gap as an explicit retained risk rather than an assumption.

How Kompetenz supports the placement

We translate operational and contractual information into a structured insurance submission, compare policy wording across markets and help establish a claims-ready programme with clear responsibilities.

Conclusion

Financial institution coverage requires precise policy coordination because the same facts can trigger several competing definitions.

Next step: Request a tailored Business insurance review from Kompetenz.