Banks and Financial Institutions recognize the risks associated with their operations and the exposures from within as well as external. It is therefore important that a risk transfer mechanism is set in place to safeguard against all the odds. The Banker's Blanket Cover is purposely designed for the banks and financial institutions considering their unique needs for coverage. Bankers Blanket Cover covers various “insuring clauses” to encompass various contingencies to suit 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 dishonesty of the insured's own employee(s).
On premises: This clause provides coverage for loss &/or damage to insured's property due to various perils including fire whilst in the premises where the insured carries on business and other specified places which should clearly be defined while opting for this clause.
In-transit: This clause provides coverage for loss &/or damage to insured's property whilst in-transit to and from premises along the defined geographical area.
Forgery and Alteration: This clause provides coverage for loss caused due to forgery or alteration (forgery means the forging or fraudulent alteration of any document or the uttering of any forged or fraudulently altered document by the employee(s) whereby one obtains possession of monies or goods.)
Securities: This clause covers securities of the insured (Stock, Certificates, Bonds, and other Governmental guaranteed authority stocks etc) whilst in insured premises or others due to loss &/or damage resulting from named calamities.
Counterfeit Currency: This clause provides coverage for loss resulting from the acceptance of counterfeit currency by the teller or other charged employee of the insured provided normal and standard procedures and precautions are fully exercised.
Office and Contents: This clause provides coverage for loss &/or damage caused by fire and other perils to the office. The contents of the insured's premises should specifically be named whilst opting for this coverage.
Other insuring Clauses: Separate sub-limits within the overall limit could be considered for other extensions, for instance, “Automated Teller Machines”, “Safe Deposit Vaults”, “Professional Indemnity” and “Computer Crimes”.
There are a number of exceptions and exclusions which are part of the policy terms and conditions. Our Technical Staff will be happy to answer your queries.
The premium rates are applicable on the “sub-limits” and the “Overall Limit” of the Policy is based on the nature, scope, the extent of cover, security measures and past loss experience, etc. The Policy is also subject to a deductible under each insuring clause.