Business

Financial Institutions Crime & Civil Liability

Financial Institutions navigate a challenging trading environment characterised by global volatility, swiftly evolving technology, heightened regulatory and compliance demands.

iTOO’s specialist Crime & Civil Liability insurance offers market-leading coverage to safeguard financial institutions against these specific industry risks.

  • Includes liability cover for Directors & Officers and trustees plus civil liability
  • Inter-Company Liability and Unidentifiable Employees. Optional extensions including trust services & more
Financial Institutions Crime & Civil Liability

Why get your Financial Institutions Crime & Civil Liability covered by iTOO?

iTOO’s Financial Lines products are meticulously designed to meet your company’s specific needs, integrating market-leading iTOO offerings to ensure comprehensive coverage for your business’s daily operations.

At iTOO, our experts possess a deep understanding of the complex needs of financial institutions. By taking the time to understand your unique requirements, they tailor coverage to fit those needs precisely, delivering service that is not only focused and professional but also innovative.

Our flagship policy financial institutions offers the most competitive coverage available in the market.

Our comprehensive offer

What's included?

The following are included:

Comprehensive cover

  • Directors & Officers Liability
  • Employment Practices Liability 
  • Trustees Liability
  • Crime & Civil Liability
  • Commercial Crime

Expert institution protection includes

  • Civil liability arising out of the performance or non-performance of the business
  • Employee dishonesty and third-party computer crime
  • Extortion 
  • Theft of misdirected funds

R92.2 million blocked by FIC as suspected proceeds of crime

Clever insurance for clever people

Grow with confidence knowing you have our expertise backing you every step of the way.

How to get cover

Ask your insurance broker to contact us for a quote for your Financial Institutions Crime & Civil Liability cover. Don’t have a broker and want us to recommend possible FAIS registered brokers trained in our products? Find a broker or contact one of our experts.

Forms and documents

Financial Institutions Crime & Civil Liability experts

Our team of passionate, dynamic, and talented individuals.

How to claim

You’re in the hands of an expert. You can always be assured of professionalism, quick turn around times and world-class technical knowledge. We’ll keep you in the loop every step of the way. Simply send us an email detailing your claim and our claims department will contact you for specific details:

Frequently asked questions

How does Third-party computer crime and cyber liability differ?

Cyber liability policies principally cover breaches resulting in theft of personal information or corruption of data and the consequential losses as a result of such. Third-party computer crime covers the direct financial loss as a result of access to an Insured computer system excluding consequential loss and access of confidential information.

What is social engineering?

Social engineering refers to a variety of techniques used to elicit information and trick individuals into voluntarily performing actions. Social engineering loss essentially refers to acts of fraud committed by means of a person deceiving or misleading an employee of the Insured through misrepresentation of a material fact that the employee has relied upon, believing it to be genuine and causing the transferring, paying or delivering of cash and/or other property.

What limit of indemnity should be purchased?

The limits of indemnity are combined limits across all insuring clauses and aggregated for total losses in the period of insurance. One needs to take into account the value of costs incurred in investigating a loss and defence costs incurred in defending allegations of wrongfulness aside from any damages award or claim that may be paid under the policy. The appropriate limit of indemnity will depend on a number of factors including the nature and size of the business, contracting limitations, transaction values. Your broker will be best placed to advise on the most suitable limit of indemnity.

Jonathan Healy
Sanchin Naicker
Simphiwe Minaar

Still have questions?

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