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.