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Employment Practices Liability for Financial Institutions
Employment practices liability insurance protects you against employment related litigation.
Legal challenges from employees can be costly to defend, even more so if a lawsuit doesn’t go your way. Chubb’s Elite employment practices liability insurance for financial institutions covers you against legal expenses, including damages, settlements, and defence and claimants’ costs.
Risk scenarios
Who it's for
- Asset management firms and funds
- Global and domestic banks, and other lending institutions including challenger banks
- Building societies
- Non-life insurance companies - Stock brokers
- Clearing houses
What it covers:
Employment practices insurance covers your business for these legal costs and actions:
- Damages – including injury to feelings
- Judgements and settlements
- Defence costs and awards
- Claimants’ costs
- Legal representation costs for employment investigations
- Cost of paying wages from date of dismissal to date of judgement if your company is ordered to reinstate or re-engage an employee
- Punitive and exemplary damages where insurable by law
- Acts committed before the start of the policy