Banking |
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Banking organizations continuously reshape their operations and launching new activities. The challenge for them is to grab the emerging opportunities while controlling the risks arising in today's fast-paced, ever-evolving world of financial services. Worldwide Insurance Brokers constantly tries to develop optimum insurance coverages for the new exposures that impact your area including the traditional forms coverages such as directors and officers liability, fidelity, and various forms of errors and omissions liability, that can possibly take place. Insurance Policies Standard Fire and special perils Policy This policy covers the loss or damage arising out of fire and allied perils to office building furniture and fixtures, contents, and ATM centers of the Bank. Burglary and Housebreaking (Business premises) Policy This policy covers loss or damage to moveable property furniture, fixtures, fittings, cash or valuables in strong rooms or safes by theft following forcible and or violent entry or exit. Banks including their ATM centers and all business branches. Money Insurance This policy provides cover against loss of money in transit, by the insured or Insured's authorized employee(s) occasioned by robbery, theft or any other fortuitous cause. It also covers loss by burglary of house breaking whilst money is retained at Insured's premises, in safe(s) or strong room. Banks can take this policy while in transit from one branch to other branch or while in transit from branch to ATM center. Banker's indemnity Policy This is a package cover mostly suitable for Banks, NBFC's and other institutions that deal with operations involving money. The policy covers risks associated with Premises, Transit, Forgery, Dishonesty, Hypothecated Goods, Registered Postal Sendings, Appraisers, etc. Fidelity Guarantee Insurance This policy reimburses for direct pecuniary loss due to all acts of fraud or dishonesty or forgery or embezzlement committed by any of the Insured's employees in connection with his/her occupation during the uninterrupted continuance of employment. Electronic equipment Policy This is an all risk policy which covers electronic equipment like computers, UPS, Audio video equipment, printer, faxes, other electronic/microprocessor equipment used in the bank/branches. Machinery Breakdown Policy This policy is suitable for machines like air conditioners, counting machines, refrigerator, motors, transformers and other allied machinery used in the bank that has a possibility of electrical and mechanical breakdown. Monetary costs involved for restoration of machine to its original state are covered by the breakdown insurance policy subject to certain conditions. Plate Glass Insurance This policy covers accidental breakages of fixed plate glass like window glasses, partition room glasses, etc. Replacement cost of damaged glass or sum insured whichever is lower, is paid. Errors and omissions Insurance This policy is meant for professionals to cover liability falling on them as a result of errors and omissions committed by them whilst rendering professional service. The policy offers a benefit of retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of the policy, also become payable. Directors and Officers Liability Insurance This policy covers the Legal liability of Directors and Officers of a company holding positions of trust and responsibility to pay damages to shareholders, employees, creditors, etc., of the company for wrongful acts committed by them in the supervision and management of the affairs of the company. General Exclusions to the policy are dishonest fraudulent criminal or malicious act, Personal guarantee, Libel and slander and damage to property, Pollution damage, and Violation of any Law. Special policies can be taken for the liability for Loss of ATM Cards reaching wrong hands when mailed from one branch to another and liability on extending housing loans/personal loans for death or permanent disability of loanee. |
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