Among other things, the management of your operational risks implies a BBB policy perfectly adapted to your operations.
Every financial institution is exposed to the risk of criminal activity, both from within its own organization and from outside. Losses can have a severe impact on bank’s financial position, while the capital is limited and expensive. Due to the regulatory developments, banks are aware of the different risks they are exposed to, like no other.
When it comes to blanket bond insurances for financial institutions, there are a lot of variables to consider. Given the many different elements of this kind of insurance, it is important to look at what is covered and what is not, to clear up any confusion about the purpose and benefits of this coverage.
Partnering with us brings peace of mind that your business is protected by the right insurance policy. We invest time to understand your business and deal with major insurers which are familiar with this type of insurances. Together, we build tailored solutions that align with the unique needs of your business. Whether you are looking for a highly specialised BBB insurance or for other types of insurances required by your banking operations, use our services to get the quality covers you need, at competitive quotes.
We will advise you on the best cover, tailor made to fit your operational characteristics. We will assist you to complete the extensive proposal form involved by this type of insurance and guide you on cover limits, deductibles etc., and we will negotiate with our insurance partners to get the most competitive terms.
The Bankers Blanket Bond product consists of a number of sections known as Insuring Clauses. Each clause offers protection against a clearly defined risk of financial loss.
Insuring clauses are as follows:
- Dishonesty of employees– financial loss due to dishonest or fraudulent acts of your employees.
- Counterfeit currency– losses sustained from the acceptance in good faith of counterfeit notes or coins at your premises.
- Premises risk– loss of property or funds resulting from theft, unexplained disappearance, damage, destruction or misplacement.
- Transit – loss or damage to property whilst in transit in the custody of employees and including transits carried out by courier service or by registered post.
- Forged cheques– loss sustained due to the forgery or fraudulent alteration of cheques, withdrawal orders, certificates of deposit, letters of credit and money order
- Forged securities – losses due to forgery of securities, not covered above and not insured through other policies
- Damage to offices and content– loss or damage to furniture, fittings and equipment arising from burglary, theft, hold-up and other criminal acts.
- Electronic & Computer crimes – losses produced by crimes committed through the use of a computer by company’s employees
Your financial institution may have a bond in which all insuring clauses are included or may select only those that are relevant to your business.
General exclusions include: money laundering, war & terrorism, commissions & bribes, fines & penalties, pending & prior litigations.
- Provide you with free and impartial specialist advice concerning risk management and cover options
- Provide you with the right insurance product which best suit your specific needs, helping you to:
- Minimise your exposure to risk
- Save your time and money
- Manage your insurance policies, timely informing you about the relevant aspects
- Manage your claims, provide assistance and representation in front of insurance partners
- Give you peace of mind that you are protected for things that matter to you
- Our services are based on technical expertise and robust business knowledge, underpinned by complete understanding of your specific needs
- We have access to a large range of insurance providers allowing us to offer bespoke insurance solutions with the best value for you – both in terms of cover and price
- For highly specialized insurance products and / or better premiums we have access to international markets through Lloyd’s syndicates / brokers or first class insurers and reinsurers
- We think holistic and act responsible. We believe that respect and integrity are vital to building and maintaining trust and good long term relationships