Bankers Professional Liability (BPL) Insurance (BPLI) — 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.