Why customers need Financial Interest Clause insurance
05/18/2023
What is Financial Interest Clause Insurance (FINC), and why do customers need this insurance?
On this podcast episode, we spoke to Ben Busfield, Global Customer Claims Executive, Sally Roberts, Senior Casualty Underwriter, Darren Bailey, Senior Casualty Claims Technician and Ainhoa Pinilla Sanchez, Senior Claims Adjuster, as they discussed Financial Interest Clause Insurance (FINC), why customers need this insurance, the sort of claims we are seeing, misconceptions of FINC, how claims are handled, and much more.
Below, we've given a brief explanation into what FINC is, and what sort of customers would typically have FINC as part of their policies.
What is Financial Interest Clause insurance?
Financial Interest Clause insurance (otherwise known as FINC), is designed to protect the policyholder’s financial interest in a subsidiary or business unit when a loss occurs. In essence, in a country or territory whose laws will prohibit the insurer from directly covering or making a payment for an insured loss. The solution provides protection to a company that is deemed legally liable via either the parent or head office.
What sort of customers would typically have FINC as part of their policies?
Global customers tend to have FINC insurance, whether this is on a primary or excess level.
Watch the video below or listen to the full episode on Spotify or Apple Music.
