Introducing Liberty's market leading Financial Institutions Suite of Wordings

Complete protection for financial institutions in Australia

Liberty has introduced an updated Financial Institutions (FI) Suite of Wordings developed specifically for Australian financial institutions. The integrated suite provides innovative new coverage with respect to Remediation Loss Reimbursement, Design and Distribution Obligations,  as well as affirmative cyber professional liability, strengthens breach of confidentiality and privacy cover, expanded related party trustee cover – all reflective of the exposures faced by the sector.

Since 2019, post‑Royal Commission reforms have tightened regulatory duties and transformed the risk and liability landscape for Australia’s financial institutions.

Liberty’s updated FI Wordings deliver distinct coverage tailored to local market needs. The new wording set provides a range of affirmative cover enhancements and clearer, more practical definitions designed to reduce ambiguity and improve certainty for policyholders.

Key benefits of this cover:

• A brand‑new insuring clause for Product Remediation Reimbursement Loss, including associated costs and expenses
• A new extension tailored specifically for the Design and Distribution Obligations legislative regime in response to ASIC Stop Orders on financial products
• A standard sub-limited Safe-Harbour Company Costs extension to support directors and companies considering insolvency-safe-harbour options
• Clearer coverage clauses addressing breach of privacy, cyber risks and PR costs, as well as coverage for certain related party claims
• Overhauled and refined definitions throughout to improve clarity and certainty
• Integration of significant D&O protections from Liberty’s Commercial D&O wording, offering ASX 200-calibre cover packaged with PI and Crime protections

Liberty’s Financial Institutions (FI) Suite of Wordings is now available in the Australian market. If you’d like to know more about this cover or contact an underwriter, visit our Financial Institutions page.