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E & O
Civil Liability for Errors and Omissions of Financial Institutions

The Risk

Financial loss resulting from a wrongful act

The parties who may suffer the loss and consequently claim compensation are:

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  • Clients

  • Third Parties

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Liability

Source of Liability

Contractual

Non-Contractual

Statutory

Main Legal References

  • Civil Code:  Arts. 1176 - 1218 - 1228 - 2043 - 2049

Responsible Party
The Financial Institution

Some General Obligations

  • Exercise the diligence of a prudent person

  • Provide the exact performance owned

  • Respect the general duty not to infringe on the legal rights of others

A Specific Obligation

  • Monitor the activities carried out by one’s collaborators, assistants, and employees

Basic Insurance Coverage

The Insurers undertake to indemnify the Financial Institution, as civilly liable under the law, for financial losses unintentionally caused to third parties, including clients, in the course of its activities.

 

Legal defence costs are also covered.

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The coverage is provided on a “Claims Made” basis.

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