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Old 09-12-2019, 08:00 AM
CarnalK's Avatar
CarnalK is offline
Join Date: Jul 2000
Posts: 18,436
Originally Posted by Ann Hedonia View Post
Are you sure? Insurance policies that cover mistakes are extremely common in the professional world- doctors have malpractice insurance, architects and engineers have E&O (errors and omissions ) insurance and construction contractors are certainly insured for incidents resulting from the mistakes of their workers.

I find it hard to believe that insurers wouldn’t write those policies and/or that banks wouldn’t want them.
I could see banks not wanting them. Errors are probably are evenly divided between gains and losses. There is also the bank's ability to simply correct most errors.