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.
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