What does Bankers Professional Liability Insurance mean? Read on to discover the definition & meaning of the term Bankers Professional Liability Insurance - to help you better understand the language used in insurance policies.
Bankers Professional Liability Insurance
A type of errors and omissions (E&O) coverage written for banks and financial institutions. The policies cover economic losses resulting from mistakes committed in providing financial services that include, but are not limited to, acting as a wire transfer or escrow agent; consumer financial, tax, or estate planner; trustee under a bond indenture; and providing electronic data processing services. Although the term "bankers professional liability insurance" (BPLI) is often used interchangeably with "trust department errors and omissions liability insurance," the latter is actually a subset of BPLI. This is because coverage for liability arising from a bank's trust department is only one of the many kinds of insurance provided under BPLI forms.
We hope the you have a better understanding of the meaning of Bankers Professional Liability Insurance.