CNA updates cover

North America

Insurer CNA has updated its Bankers’ Professional Liability (BPL) and Insurance Company Errors & Omissions (E&O) coverages to take account of recent developments resulting from the crisis in US banking sector. CNA said that the new policies, which it described as ‘enhanced’, will include changes to the traditional terms and exclusions. Tom Kocaj, vice president of Underwriting at CNA, said that the new BPL and monoline insurance company E&O Solutions’ policy forms provide a sophisticated professional liability approach to banking institutions and insurance companies. The changes, which include contemporary language and updated terms and conditions that have been drafted as stand-alone contracts, partly took into account the needs of the financial institution broking community. CNA offers limits up to $15.0mn for both coverages. The BPL cover is targeted to banks with $1.0bn or more in assets; while Insurance Company E&O Solutions is targeted to all insurance companies other than managed care providers and title insurance companies.