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Our Bond policy is aimed at
assisting financial institutions to enhance their risk
management programmes by protecting them from the
ever-increasing threat of fraud.
The Bond policy provides financial institutions with
comprehensive worldwide cover of a wide range of physical
and financial losses involving employees and third persons.
It also provides cover for losses involving computer
systems, voice initiated funds transfers, and facsimile
instructions.
The financial institution has
the choice of purchasing some or all of the insuring clauses
within the wording.
Following are the key features of the
cover, illustrated by each insuring clause:
Coverage Features
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Employee Dishonesty Loss caused by dishonest or fraudulent acts by an employee, whether committed alone or in collusion with others, which caused an improper personal financial gain to the employee or the intent to cause loss to the financial institution |
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Premises Loss due to the theft, mysterious inexplicable disappearance, misplacement, damage or destruction of property from the financial institution |
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Transit Loss of property from any cause while in transit by a messenger of the financial institution or in an armoured motor vehicle. Loss of any non-negotiable instruments being lost or damaged while in transit anywhere in the custody of any security company |
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Forgery or Fraudulent Alteration Loss as a result of forged or fraudulently altered cheques, bills of exchange, bankers drafts, bankers acceptances, certificates of deposit, withdrawal receipts or promissory notes |
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Forged Securities Loss due to reliance on securities or similar written instruments, such as guarantees or deeds, that were forged, fraudulently altered, lost or stolen |
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Counterfeit Currency Loss due to reliance on any counterfeit paper currency or coin issues or purporting to have been issued as legal tender in any country |
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