European Institute of Management and Finance | Insurance Contracts for the Banking Sector: BBBs and PIs
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Insurance Contracts for the Banking Sector: BBBs and PIs

Insurance Contracts for the Banking Sector: BBBs and PIs


The breadth and level of professional indemnity insurance coverage is most important for the banking sector and their employees and officers, as well as the coverage in case of external and internal fraud.


All professionals involved in the banking sector need to be aware of the way that these policies have been subjected to recent judicial scrutiny, legislation and regulations. This seminar will provide an overview of BBB and PI insurance in the banking sector and the key terms in the documentation, whereas it will offer all updates on case law and offer clear guidance on how the usual conditions and exemptions apply.



Training Objectives


By the end of the programme, participants will be able to:


  • Examine the terms and conditions of a BBB and PI policy
  • Comprehend the usual exclusions
  • Learn how to manage a policy once a claim is raised
  • Learn to act proactively in terms of corporate governance regarding the requisites of a BBB and PI policy



Training Outline


  • Introduction: PI and BBB insuring clauses – what is covered?
  • Common exclusions in the insurance products
  • Joint and several liability under PI policies, including the effect of dishonesty
  • The issue of ‘claims made’ basis in P& I policy
  • Notice of circumstance and of the realization of the insuring case in BBB contract.
  • Notification clauses – notifying circumstances and claims and how to deal with block notifications
  • Aggregation clauses Effect of the Third Parties Rights
  • A case study on PI and BBB insurance including some practical issues



Training Style


The programme is designed to deliver knowledge and enhance participants’ skills via short lectures, case-studies and practical examples, by the presentation of stereotype policies.


Participants will also benefit from customised feedback and check useful lists when examining or negotiating a PI and BBB Policy. Most of the training’s time will be invested in analysing the usual terms and conditions of standard policies that will help participants understand how to seek coverage and claim on the policies in case of claims.



CPD Recognition


This programme may be approved for up to 5 CPD units in Insurance Services. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.


Professionals requiring CPD units to meet the education requirements for an occupational licence renewal, and/or for maintaining other professional memberships/certifications which accept CPD in Insurance Services, are advised to consider training subjects in categories that indicate CPD training in Insurance Services.



Who Should Attend


The programme is ideal for:


  • Bank employees and officers
  • Lawyers
  • insurance employees
  • Insurance intermediaries