who should buy
COMMERCIAL CRIME
Every organisation is susceptible to a crime committed by an Employee or a third person leading to losses. Companies can be liable to losses incurred by their customers which are attributable to them. It can be an employee or a contractor perpetrating a crime while working from a client premises. The fraud and damages can occur due to different reasons and the commercial crime insurance policy in India cover is designed to cover them all.
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Computer and Fund Transfer Frauds
Altering a program and instruction leading to loss of monies is a common. Most losses occur due to fraudulent funds transferred to wrong recipients. These can also result from an impersonation of vendors or seniors giving instructions.
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Forgery Or Alteration Fraud
Traditional fraud was likely to be resulting from a forged document or instrument realized by an authorized person. Losses caused due to forgery of incoming cheque or instrument are also covered by a comprehensive crime cover.
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Counterfeiting and Card Frauds
Losses can be caused by counterfeited currency, security certificates, corporate cards and forex. Usually such frauds may also go undetected for substantial periods of time and cause large losses to the company exposed to such fraud.
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Premises and Theft Cover
A theft can be committed on monies, securities or property which is either owned by the company or that which the company may be legally liable. A damage to premises, deposits and lockers caused during a housebreaking are also covered.
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Loss to Third Parties
Many businesses require employees to operate from a client premises. They may have a client property, monies or securities in their Care custody or control. The policy covers the risk when a client or a third party incurs a loss due to you.
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Investigation and Other Costs
A crime event can lead to different kind of expenses. Fees of an investigation specialist or that of a defense counsel to defend any legal suits are usual. Employee benefit plan losses and associated iabilities can also be insured by Crime insurance.
FIDELITY BONDS
Commonly known as fidelity policy, this is bought by an employer to protect against losses such as embezzlement or theft by employees. Such acts are not covered by a Theft or burglary cover. One may buy a cover applying to all employees or for a set of employees identified individually or by their designations. Some businesses such as banks, brokerages, cash carriers, and security firms are required to have a fidelity bond cover by law. Companies with business in the USA may be required to have a fidelity bond cover if they manage retirement fund of employees under ERISA. Irrespective of the statutory requirements, it is always prudent to protect the company by having a relevant fidelity bond policy cover in place.
BANKERS’ BLANKET LIABILITY
Banks and financial institutions operate in high security environment. Despite the constant vigil they are still exposed to internal and external risks of fraud and misappropriation. Money siphoned from accounts and ATM frauds are commonplace. The financial consequences of neglecting duty of care, advising on wrong financial product or giving improper advise can be severe. There may be catastrophic criminal losses arising from Employee Dishonesty, Forgery or Computer frauds which can cause significant financial risk, even jeopardise continuity. Edify in close consultation with you will find the Operational risks related to your business requirement to structure the right Liability protection for your need. Bankers Blanket Insurance is a comprehensive coverage for banks and other financial institutions.
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Damage to Office and Contents
A Bankers Blanket policy would cover the risk of damage caused to the premises or contents by fire, a quake or an attempted robbery. This will not only cover damage to office and contents but also that to safes, lockers and strong rooms.
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Fraud and Robbery
Frauds committed by employees in stealing, forgery or computer frauds can result in financial losses. Even a customer can defraud the bank. Bankers blanket insurance policy would also cover the risk of money transit losses or a Bank robbery.
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Cyber Crimes
In todays connected world, millions of transactions are facilitated every day using data connections and Networks which can be manipulated. Third parties can misuse the systems and networks to steal money which needs to be covered.
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Professional Liability
The business of banking continuously provides advise to customers. Anything can go wrong on Investment advise on asset management, mortgages, stock market bets and corporate finance with enormous financial consequences.
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Damage and Losses to ATM
One of the most common and easy crimes committed against the Banking business is an robbery at an ATM. Such attempts apart from causing money loss also result in damages to ATM which need to be protected by suitable cover.
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Counterfeit & Alterations Losses
Banks are susceptible to no fault losses sustained due to the forgery or fraudulent alteration of cheques, certificates of deposit, letters of credit, money orders etc. Even losses from acceptance of counterfeit notes can be covered.
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Create a strong protection from cyber criminals and hackers with coverage that protects your data and business from such risks
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Professional Indemnity
Be it a work mistake, undelivered services or negligent services, we will help you cover them all.
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EPLI
Protect the company and its officers when mistakes in employees practices leads to bad publicity and financial liability.
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