Banker’s Blanket Bond insurance
Banks belong to the most secured institutions in the world. But despite the constant vigilance things often go wrong. Pin code fraud is committed with an ATM machine at your bank, or someone manages to siphon money by hacking into a data connection. The financial consequences of giving wrong advice or offering an incorrect financial product are possibly even greater. This can even jeopardize the continuity of your company. Bank insurance protects you against all this.
The operational risks of banks are great. During the day to day workings something can go wrong in different places, because of a bad faith client, a fraudulent employee, someone neglecting his the duty of care or simply by giving incorrect advice. You want to protect yourself as good as possible against these risks. Due to the developments like Basel I and Corporate Governance, the Banks are aware of the different risk they are exposed to like no other. Therefore Sky International Insurance, together with you, which operational risks are applicable to your company and how those can be covered.
Banking insurance is comprised of 3 sections: fraud and robbery (the so called Bankers Blanket Bond), computer criminality and professional liability. These sections can be taken out independently.
Fraud and robbery
Banking Insurance covers financial damages resulting from fraud committed by employees like embezzlement, forgery and computer fraud. Even if a customer defrauds the bank, this will be indemnified. And of course there are risks of robbery, of a branch or money transport. This is also covered by Banking insurance.
Almost everything in the financial world is done through data connections. These are sensitive to manipulation, in the system of the bank itself, as well as in the systems with which the bank is connected. If third parties misuse computer and communication systems to steal money, this will be covered by Banking Insurance
Your employees give plenty of advice on a daily basis. In the process of taking out insurance policies, asset management, trust management, mortgages, but also in corporate finance activities and in providing guidance with respect to the stock market. A small mistake can have vast consequences. The financial consequences can be enormous. Damage claims from customers resulting from the professional activities of the bank are also covered by Banking Insurance.