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bankers professional liability insurance (BPL), (BPLI)

Bankers professional liability (BPL) Insurance (BPLI) is a type of errors and omissions (E&O) coverage written for banks and financial institutions.

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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; or 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 E&O 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.