What is Bankers Blanket Bond?
Bankers Blanket Bond is intended to cover a financial institution against possible cash risks. Who is this product for? This is suitable for businesses with cash flow risks.
- Loss of money while in transit
- Employee infidelity resulting into loss of money
- Loss of money in the premises of the bank both during and out of business hours
- Professional indemnity
It covers cash risks such as:
- Your name
- Name of organization
- Number of employees
- Phone contact and email address
- Limit of liability
Below is what we'll need from you for our sign up process:
- Loss of potential income, including but not limited to interest and dividends.
- Indirect or consequential loss of any nature or damages of any type for which the Insured may be held legally liable except direct compensatory damages arising from a loss covered under this policy.
- Liability assumed by the Insured by agreement under any contract unless such liability would have attached to the Insured even in the absence of such agreement.
- Costs, fees and other expenses incurred by the insured in establishing the existence of or amount of loss covered under this policy.
- Loss due to riot or civil commotion, or loss due to military, naval or usurped power, war or insurrection unless such loss occurs in transit in the circumstances recited in Insuring Agreement 3 and unless, when such transit was initiated there was no knowledge of such riot, civil commotion, military, naval or usurped power, war or insurrection on the part of any person acting for the Insured in initiating such transit.
- Any loss or destruction of or damage to any property whatsoever or any loss or expense whatsoever resulting or arising therefrom or any consequential loss, or
- Any legal liability of whatsoever nature directly or indirectly caused by or contributed to by or arising from:
- Ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel
- The radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof.
- To do bodily harm to any person, except loss of Electronic Data Processing Media or Electronic Data in transit in the custody of any person acting as messenger provided that when such transit was initiated there was no knowledge by the Insured of any such threat, or
- To do damage to the premises or property of the Insured.
- Loss of Electronic Data Processing Media or Electronic Data while in the mail or with a carrier for hire other than an armoured motor vehicle company.
- Loss of Electronic Data or Electronic Data Processing Media except as provided for under Section 5 of the conditions.
- Loss resulting directly or indirectly from:
- Written instructions or advices, or
- Telegraphic or cable instructions or advices, or
- Instructions or advices by voice over telephone, unless covered under Insuring Agreement 7.
- Loss resulting directly or indirectly from forged, altered or fraudulent negotiable instruments, securities documents or written instruments used as source documentation in the preparation of Electronic Data Processing Media or manually keyed in a data terminal.
- Loss of negotiable instruments, securities, documents or written instruments except as converted to Electronic Data and then only in that converted form.
- Loss resulting directly or indirectly from the accessing of any confidential information including but not limited to trade secret information, computer programs or customer information.
- Loss or damage caused by fire.
- Loss resulting from mechanical failure, faulty construction, error in design, latent defect, wear or tear, gradual deterioration, electrical disturbance, electronic data processing media failure or breakdown or any malfunction or error in programming or errors or omissions in processing.
- Loss resulting directly or indirectly from the fraudulent preparation or fraudulent modification of Electronic Computer Instructions unless covered under Insuring Agreement 2.
- Loss by reason of the input of Electronic Data at an authorized electronic terminal of an Electronic Funds Transfer System or a Customer Communication System by a customer or other person who had authorized access to the customer's authentication mechanism.
- Loss resulting from fraudulent features contained in Electronic Computer Instructions developed for sale to or are sold to multiple customers at the time of their acquisition from a vendor or consultant.
(i)Loss as a result of a threat