SPECIALTY LINES
Financial Institutions and Commercial Crime
CTA has long been a recognised expert in handling financial and professional risks claims around the globe under financial institution and commercial crime policies.
We work for Insurers and Reinsurers all over the world, who trust our expertise and appreciate our clear and concise reporting on each case, no matter how complex and large. This specialist practice is led by Andrew Jackson and Andrew Jacob, both of whom have over 30 years of experience in the class.
The team comprises additional specialist adjusters, forensic accountants, lawyers and barristers based in the UK and in a number of our other offices in Europe, the Americas, Middle East and Australasia.
As Charles Taylor Adjusting is a multi-class firm, we also have access to a vast array of additional skill-sets we can call upon to assist depending on the nature of the case, the language involved and the business of the affected Insured.
We handle claims from the very small (managing ATM accounts for example) to those involving 100’s of millions of USD/GBP. We are also often appointed to work alongside coverage counsel instructed by our clients on the most complex cases and have an excellent track record of working collaboratively on such assignments to avoid duplication of work and ensure cost-effective thorough investigation and consideration of all relevant aspects.
We appreciate claims are often highly sensitive for the Insureds and can impact their reputation and even survival. Whilst undertaking a thorough investigation and analysis of each claim, our non-confrontational approach with all stakeholders seeks to encourage open dialogue and rapid provision of information so that all parties can assess the impact on policy response as quickly as possible.
Key Contacts
E: andrew.jackson@charlestaylor.com
M: +44 7979 850 240
E: andrew.jacob@charlestaylor.com
M: +44 7931 568 064
Case Examples
As a global adjusting firm with over 100 office in 30 countries, we use a combination of our specialist expertise and local presence where appropriate to provide a cost-effective resolution of claims, regardless of size, complexity and location.
- Financial Institutions Crime/Bankers Blanket Bond:
We have handled claims under all clauses of most of the “standard” market wordings and many bespoke wordings for the large global financial institutions. Examples include a USD 250 million factoring fraud in Mexico for a US financial institution, a EUR 100 million employee loan fraud case in Romania, a USD 100 million SWIFT hack and a series of fraudulent trading losses on stock brokers in Turkey.
- Financial Institutions Professional Indemnity/Civil Liability:
We are regularly instructed by our clients to handle such claims for banks, investment managers, private equity firms, stock brokers etc. Examples include plastic card mis-selling in the UK, erroneous fund transfers, “fat finger” trading errors.
- Financial Institutions Electronic & Computer Crime:
In recent years and as so many claims now involve fraud using technology, we are increasingly seeing claims presented under such policies and variations thereof. Examples include the compromise of an ATM network in Russia and hacking of plastic card processing centres and subsequent withdrawal of funds (Middle East and Africa).
- Financial Institutions Vault and Valuables:
Sometimes separately insured in the Specie market, we handle losses involving the secure storage and/or transit of valuables by or on behalf of financial institutions. Examples include a USD 500 million bullion claim in Turkey, a series of safe deposit claims following the flooding of a vault in Russia, ATM accounts in UK and Germany, Cash in Transit claims globally.
- Financial Institutions D&O:
We assist our clients to review and assess D&O notifications, particularly where these involve overseas jurisdictions and local language proceedings. Examples include a USD 1 billion property investment fund claim in Asia, a notification involving pre-claim inquiry costs in response to two separate regulatory investigations with multiple law firms and PR firm costs involved; and managerial liability for alleged negligent investment advice received and/or misrepresentation and failure to follow client instructions.
- Commercial Crime:
We have handled a significant number of crime claims involving commercial entities in a huge array of industry sectors, from industrial to the professions. These have involved both internal and external fraud and a multitude of different modus operandi. We frequently provide internal training sessions to our clients on lessons learned from developing fraud trends, while also assisting their Insureds understand where their own entities may be vulnerable to fraud so that they can seek to introduce appropriate risk mitigation measures.
Charles Taylor Adjusting’s Specialty Lines practice encompasses our Financial Institutions and Commercial Crime, Professional Indemnity, Directors & Officers, Cyber, Credit & Political Risks and Specie & Fine Art specialisms.