Concept: This policy is intended for banks and all other financial institutions who are engaged in providing financial services. This policy indemnifies the 'Assure' for direct monetary loss due to loss, damage, misplacement, destruction of insured property arising from perils insured subsequent to retroactive date and discovered during the policy period, which is usually on yearly basis.
Scope of Cover: Provides comprehensive coverage under the following clauses:
Clause I. Infidelity of Employees
Covers loss of property due to dishonest or fraudulent act of one or more employees of insured resulting in improper financial gain.
Clause 2. On Premises
Covers loss of insured or customer's property at insured's premises due to theft, burglary, damage, destruction, or misplacement.
Clause 3. In Transit
Covers loss or damage to property from any cause whilst in transit either in the custody of assured's employees or Security Company or its vehicle but excluding property in mail and subject to amounts recoverable from a Security company under its own insurance.
Clause 4. Forged Checks, etc.
Covers loss due to forgery or fraudulent alteration of any financial instrument and payment by assured in good faith on the above basis.
Clause 5. Securities
Loss resulting from Share certificates, Bonds, Debentures, Government Guarantees, Promissory notes, Deeds, Certificates of Deposit, etc.
Clause 6. Counterfeit Currency
Covers insured's loss due to acceptance in good faith of any counterfeit or fraudulently altered currency or coins.
Clause 7. Damage to Offices & Contents
Covers loss or damage suffered to all contents owned by assured in his offices due to theft, robbery, hold-up vandalism, malicious mischief, etc.
Premium Rating: Usually an amount rated on the basis of amounts and limits of indemnity agreed, deductibles, claims history of insured, etc.