Crime & Financial loss - Banker Blanket Bond and Electronic Computer Crime (BBB&ECC)

This Policy, which constitues of two parts BBB – Banker Blanket Bond and ECC – Electronic computer program, is applicable to Banks’ risks only. In Bank operations, high value losses are often associated with internal fraud, misappropriation & embezzlement and forgery (both internal and external). The high costs in the forgery category are largely driven by losses due to lending based on forged documentation while Robbery and theft claims are the most frequently occurring losses, with low severity (branch robberies and theft from ATMs).

BBB -Banker Blanket Bond

The most important component of the Policy is coverage for Loss resulting directly from dishonest or fraudulent acts by Employees of the Assured committed with the manifest intent to cause the Assured to sustain such loss or to obtain a financial gain for themselves wherever committed and whether committed alone or in collusion with others

• Fidelity
• On Premises
• In transit
• Forgery or Alteration
• Securities
• Counterfeited Currency
• Offices and Contents
• Legal fees

ECC - Electronic Computer Crime

• Computer systems
• Electronic Computer Progams
• Electronic Data and Media
• Computer Virus
• Electronic and Telefacsimile Communications
• Electronic Transmissions
• Electronic Securities
• Voice Initiated Instructions

Additional clauses

• Social Engineering Clause
• Mortgage fraude Clause
• Interest receivable Clause
• Internet Banking Extension
• Claim Preparation Cost
• Reputation and Crisis Expense Extension

• Loss not discovered during the period of insurance or before the retroactive date
• Loss and loss of future income
• Loss arising directly or indirectly from the use of the credit card
• Disaster, Flood, Storm, War, Terrorism,…