Financial Institutions BC
Today’s new banking rules and other regulatory changes have made your financial institution even more accountable to your clients and the authorities than ever before. Managing your business risk has become increasingly challenging.
Whether you are at the head of a bank, trust company, a credit union, or another financial institution, you understand the importance of arming yourself with coverage solutions that protect you from potential pitfalls.
That is where BFL CANADA comes in.
Banking and Financial Institutions – Primer on Non-Payment Insurance
Discover your coverage solutions
When alternative lenders, insurance companies and asset/portfolio managers need protection that goes beyond regular property coverage or general liability for Directors and Officers, they turn to BFL CANADA’s expertise.
We understand that the risks you are dealing with are complex. Breach of trust, forgeries, cyberattacks: your financial institution has a lot to contend with in order to stay afloat.
Thanks to our many international partnerships and our strong team, we can provide up-to-date, country-by-country solutions and advice that enable your organization to thrive. We help you navigate within different legal and regulatory environments, whether you are a stock broker or a mutual fund manager or handling private equity.
EMPLOYEE DISHONESTY
Protects against Employee Dishonesty (Crime) that continues to be a costly issue for most employers. Enterprising employees work to find a way around internal controls and are able to perpetrate a fraud, whether involving their employer’s money, or theft of client property. Having the right coverage to protect against these employees is paramount.
BFL CANADA works with insurers to provide not only our clients, but also their customers, with leading fidelity and crime insurance products.
ERRORS AND OMISSIONS
Protects from advice or services provided to individuals, companies, or other third parties, including advice to investment funds.
The unique nature of financial institution operations requires broader coverage to address these operations, including common errors that lead to Cost of Corrections or Directors and Officers claims. BFL CANADA works with insurers to develop and provide market-leading insurance coverage.
MORTGAGE IMPAIRMENT
Provides coverage for the lender’s interest in mortgaged property in the event of uninsured or underinsured damage to the property. Mortgage impairment insurance is a specialty property insurance provided for mortgage lenders.
At BFL CANADA, we ensure that the coverage is broadened beyond the industry standard to include such coverages as Earthquake and Flood, in addition to Mortgageholder’s Errors and Omission.
CYBER RISK
Often provides coverage against business interruption. When a loss of, damage to, or corruption of your electronic data impacts your ability to carry on business, cyber policies not only address the loss caused by the hacker or other root cause, but also cover income losses and extra expenses that result from an interruption of your computer system by a covered event.
BFL CANADA ensures that you have the appropriate coverage and explains how cyber business interruption and property business interruption differ.
POLITICAL RISK
Takes two key forms: against political violence — the risk that revolution or other political conditions result in a loss; and political credit risk — a form of protection which provides additional cash flow stability and mitigates adverse governmental actions that would impair financing transactions and/or payment terms.
BFL CANADA works with leading insurers with a global presence, and a strong appetite and significant capacity for these solutions.
Representatives available across Canada
The BFL CANADA advantage in a competitive market
BFL CANADA has achieved extraordinary growth because of our consistent ability to perform and deliver due to our expertise, professionalism and dedication, as well as our entrepreneurial culture. This culture and work ethic have driven our growth and attracted organizations with which we have established meaningful and mutually beneficial partnerships.
WHY DOING BUSINESS WITH BFL CANADA IS IN YOUR BEST INTEREST?
We are insurance brokers, we don’t work for an insurance company.
- We negotiate on your behalf to get the best protection, rate and deductibles.
- We work with you to develop tailor-made solutions adapted to your reality.
- We deal with all major insurers that specialize in your industry.
- We have offices across Canada to meet your local needs and partners in over 140 countries for your global ambitions.
- We are solution seekers for companies of all sizes and every industry.
At BFL CANADA, we help our clients get peace of mind. Most insurance policies require various insurance companies to share the risk. As your insurance broker, we are able to canvass the insurance marketplace, approach financially sound insurers and always act in your best interest.
