bankers professional liability (BPL) insurance
A type of errors and omissions 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 BPL insurance. 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.
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PLI XX.J