This Policy is specially designed for banks to indemnify direct loss suffered by them (excluding Non Banking Financial Institutions) in various contingencies in the form of a package cover.
This insurance provides an indemnity to the Bank in respect of the following risks: Loss of money or securities by fire, riot and strike, burglary house breaking theft, robbery or hold-up
a) Loss of money or securities in transit.
b) Payment or forged or raised cheques, drafts and fixed deposit receipts.
c) Dishonest Acts of employees in respect of money and securities.
d) Dishonest Acts of employees in respect of pledged goods.
Definition of claim includes civil and criminal proceedings, formal administrative, regulatory proceedings or investigative orders and written demands
Covers claims arising out of errors, omissions, misstatements, misleading statements, neglect, breach of trust or breach of duty
Covers claims brought by or on behalf of customers
Extended reporting period
Severability of all exclusions for insured individualsSeverability of the proposal form
Automatic cover for certain newly created or acquired subsidiaries
No prior acts exclusion
No retroactive date
Automatic "run off" cover for divested subsidiaries
Automatic "run off" cover for insured, if acquired
Multi-year policy available
Advancement of Defence costs to final disposition of a claim