An Evolving Center of Global Financial Operations
Miami-Dade is considered the financial center for most of Latin America, but institutions from all over Europe and Canada have also found Miami conducive to wealth management, private banking operations and trade finance services. The economic vitality of the region keeps the domestic banking system thriving and continues to attract a global presence in finance and banking services. The increased growth in banking and finance requires an insurance company with the experience and resources needed to secure such a diverse financial infrastructure. HUB International is the solution with financial institutions and bank insurance for Miami businesses.
The Wall Street of the South
In 2015, Forbes dubbed the banking industry taking over Miami the “Wall Street of the South” as financial institutions from all over the world with a range of services made the diverse city a new operating hub. Prior to the influx of foreign institutions, Miami had already held the title of being the state’s financial capital. The added international growth has only fueled the need for additional securities and protection for those working in the finance industry. Services or professionals that require insurance protection could include the following:
- Accountants
- Venture capital firms
- Lending companies
- Insurance companies
- Banks
- Hedge fund managers
- Private equity firms
HUB brokers are equipped to handle the range of liabilities that can plague a financial institution whether you are a small firm or have a global presence. The financial institutions and bank insurance our Miami office provides is underwritten according to the specialized needs of financial services and customized to your operations. We rely on underwriting professionals who have years of experience in legal services, banking, investment and underwriting to ensure your coverage address the complex exposures you face.
A Range of Coverage Possibilities with Financial Institutions and Bank Insurance for Miami Businesses
There is a wide spectrum of services covered by bankers or financial institution professionals, but the policies at HUB can address the liabilities of each.
- General liability
- Errors and omissions (professional liability)
- Directors and officer’s liability
- Fiduciary liability
- Data breach and cyber liability
- Regulatory compliance
- Employment practices liability
The potential for claim scenarios can come from direct property damage at the institution, employee injury, fraud, or theft, cyberattacks or negligence in decision-making by a board of directors. Whatever the occurrence, insurance coverage through HUB helps manage the risk.
A Partner in Risk Management
Carrying a policy of financial institutions and bank insurance in Miami can reduce the financial burden that could devastate your organization in the event of a claim or lawsuit. However, partnering with HUB provides much more than financial protection. Working with our brokers provides personalized risk management services for your operations. Regulatory guidelines are constantly changing, as are the threats of cyberattacks. Our team stays up to date on these areas in order to give you the best guidance and protection.
The Numerous Claim Scenarios
The financial institutions and bank insurance for Miami lenders, banks or other industry professionals is unique to each organization, but there are several common situations that reinforce the need for comprehensive coverage.
- A client loses thousands of dollars in an investment made on the advice of the fund manager that turns out to be a fraudulent investment scheme
- An employee unintentionally accessed a malicious link included in an email and infected the company network with a ransomware virus
- An institution has a weak accountability policy and dozens of account holders fall victim to employee embezzlement