Bankers Blanket Bond Insurance
Most of the financial institution recognize the risk involved in dealing with monies or the equivalent convertible instruments. The exposures for organization is from both internal as well as external elements. Ensuring that good protection is provided, is an issue of paramount importance. The Banker’s Blanket Insurance as the name suggests can be availed by all those financial institutions who care for the protection of their assets. Here you will be able to seek information on various liability insurance as well as requesting for quotation online.
Bankers Blanket Insurance comprises of a number of insuring clauses which can be availed in whole or tailor made to fit every customers specific needs. The following are the insuring clauses available:
- Infidelity of Employees: This clause provides coverage for any loss due to misappropriation or embezzlement by the insured’s own employee.
- On premises: It provides coverage for loss &/or damage to insured’s property due to various perils including fire whilst inside the premises, where the insured carries out business or others which should clearly be defined when opting for this clause.
- In-transit: Provide coverage for loss &/or damage to the insured property whilst in transit to and from premises along the defined geographical area.
- Forgery and Alteration: Coverage for loss caused by forgery or alteration (forging or fraudulent alteration of any document or the uttering of any forged or fraudulently altered document by the employee whereby he obtains possession of money or goods).
- Securities: covers securities of the insured (Stock, certificates, bonds, and other governmental guaranteed authority stocks) whilst in his or premises of others due to loss &/or damage resulting from named calamities.
- Counterfeit Currency: Coverage for loss resulting in the acceptance of counterfeit currency or altered paper currency by employees of the insured, provided normal and standard procedures and precautions are fully exercised.
- Office and Contents: Coverage for loss &/or damage caused by fire and other perils to the office and contents of the insured premised which should specifically named whilst opting for this clause.
The covers can also be extended to included the following:
- Bankers Professional indemnity to provide, indemnity to the assured in respect of the banks legal liability to third parties arising out of any negligent act, error or commission whilst performing their professional duties as a banker
- To cover loss or damage arising out of Electronic and Computer crime
There are a number of exclusions which are part of the policy terms and conditions. These should be well read and understood to avoid confusion.
The rate chargeable is always applied on basis of the Total Sum Insured and is very independent to the Scope and extent of cover opted for, security measures, housekeeping amongst others. There are various deductibles and conditions to the policy.
Professional Indemnity Insurance
This policy indemnifies the Contributor against any sums for which the he/she become legally liable as a direct result of any negligent act, error or omission made by him/her during the performance of his/her duties as a professional man/women (eg: engineers, architects, lawyers, accountants etc).
Indemnity will be provided in accordance with the limits, conditions and activities defined in the policy.
The relevant proposal form has to be completed by the client and to be submitted to the Company for proper assessment of risk.
Directors And Officers Liability Insurance
This policy covers Directors and Officers (and the Company itself where it is legally permitted to indemnify it’s Directors and Officers) for any wrongful acts committed in their capacity as directors and officers of the Company.
The Policy is written in two sections as follows:
The directors and Officers Liability section indemnify the Directors and Officers in respect of any “Wrongful Act” committed in their capacity as Directors and Officers of the Company, where the company is not permitted (either legally or by it’s articles of Association) to reimburse them.
The company reimbursement section covers the Company only in respect of any reimbursement that it is required, or permitted by law to make to it’s directors and officers against whom a legal action has been sought
Specific proposal form has to be completed before obtaining a quote from the International Market
Armored Vehicle Service Insurance
This policy is intended for the “Securely Companies” who undertakes the business of transportation of Money and other Valuables from one premise to another in Armored Cars within the territorial limits of the State of Kuwait.
The will be written in two sections:
Transit risk to cover loss of money or other valuables whilst in transit in Armored Vehicle
Premises risk to cover loss of money or valuables whilst in Strong rooms or Safes at the Security Companies premises
Specific proposal form will have to be completed and to be provided to us to obtain most competitive terms from the international market