Philipp Fischer's commentary on CDBF's definition of a claim in professional liability insurance
16 May 2025
The Federal Supreme Court of Switzerland confirms that when a bank is hit by internal fraud affecting multiple clients, each loss can count as a separate claim with a separate deductible. If no individual claim exceeds the deductible, the insurer pays nothing. A costly reminder of the importance of precise wording in professional liability insurance policies.
Philipp Fischer shares his insights on the legal implications of this development for Swiss-based financial service providers in a commentary published by the Centre de droit bancaire et financier (Center for Banking and Finance Law of the University of Geneva):
The Federal Supreme Court of Switzerland confirms that when a bank is hit by internal fraud affecting multiple clients, each loss can count as a separate claim with a separate deductible. If no individual claim exceeds the deductible, the insurer pays nothing. A costly reminder of the importance of precise wording in professional liability insurance policies.
Philipp Fischer shares his insights on the legal implications of this development for Swiss-based financial service providers in a commentary published by the Centre de droit bancaire et financier (Center for Banking and Finance Law of the University of Geneva):
French original : https://cdbf.ch/1412/
English : https://cdbf.ch/en/1412/
German : https://cdbf.ch/de/1412/