The Risk

Every financial institution is exposed to the risk of criminal activity, both from within its own organisation and from outside. Losses can have a devastating impact on a financial institution's balance sheet.

The Solution

At Howden India we specialise in offering financial institutions high levels of insurance protection against the effects of potentially catastrophic criminal loss; specifically for the risks of Employee Dishonesty, Forgery, Cyber Liability and Computer Crime.

The Cover

The Bankers Blanket Bond product consists of a number of sections known as Insuring Clauses. Each clause offers protection to a financial institution against a clearly defined risk of financial loss.

A financial institution may have a Bond in which all Insuring Clauses are included or may select only those that are relevant to its business. Howden India has extensive experience in tailoring such coverage to meet the exact needs of clients. Insuring clauses are as follows:

  • Dishonesty of employees - financial loss due to dishonest or fraudulent acts of employees.
  • Premises risk - loss of property resulting from theft, unexplained disappearance, damage, destruction or misplacement.
  • Transit - loss or damage to property whilst in transit anywhere in the world 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, bills of exchange, drafts, acceptances, withdrawal orders, certificates of deposit, letters of credit and money orders.
  • Forged securities - loss sustained by an organisation due to its having acted upon other types of securities or documents, which are not otherwise insured, under the forged cheques section.
  • Counterfeit currency - losses sustained from the acceptance in good faith of counterfeit notes or coins at the Insured's premises.
  • Damage to offices and content - loss or damage to furniture, fittings and equipment arising from burglary, theft, hold-up and other criminal acts.
  • Computer Crime - Cyber Liability is included in the cover if required.