The Banker’s Blanket Insurance comprises a number of insuring clauses which can be availed of in whole, or be tailor-made to fit every customer’s specific needs.
The following are the insuring clauses:
- INFIDELITY OF EMPLOYEE: Provides coverage for any loss due to misappropriation or embezzlement by the Insured's employee.
- ON PREMISES: Provides coverage for loss and/or damage to the Insured's property due to various perils including fire while inside the premises where the Insured or others carry out business (this should be clearly defined when opting for this clause).
- IN-TRANSIT: Provides coverage for loss and/or damage to the Insured's property while in-transit to and from premises along the defined geographical area.
- FORGERY AND ALTERATION: Provides cover against a financial loss, which results from having acted in good faith upon “written instruments” or “payment instructions”, if these prove to be forged, or fraudulently altered, lost or stolen, or forged as to signature.
- SECURITIES: Provides cover for losses arising from situations where the institution has “acted upon” (e.g. accepted as collateral) any forged or fraudulently altered securities.
- COUNTERFEIT CURRENCY: Coverage in this respect indemnifies the institution for losses sustained as a result of its acting upon any counterfeit currency, for example the encashment of counterfeit currency handled during the normal course of business. This coverage is particularly beneficial for those institutions which handle foreign currencies.
- OFFICE AND CONTENTS: Provides cover in respect of the cost of replacing equipment and the reconstruction of premises due to loss or damage incurred as a result of robbery, hold up or burglary. This section of coverage will not include losses due to fire, either in respect of damage to buildings or general office contents.
In addition to the above, this policy can also be extended to provide cover for losses resulting from electronic and computer crime through different insuring clauses.
Premium chargeable is based on the limit of indemnity required (which again is based on values exposed or at risk), insuring clauses opted for, territorial scope, extensions required apart from security measures, internal procedures & practices. Please check the Deductibles and conditions applicable to this policy.