- The Bankers Blanket Bond Policy (BBB) covers direct losses (actual damage) sustained by financial institutions as a result of wrongful acts of their employees or third parties. The policy provides protection against a wide range of risks inherent in business operations performed by financial and lending institutions, though such risks can be insured separately, without being pooled The main purpose of the BBB policy is to provide blanket protection to a financial institution against losses resulting from its employees’ dishonest or fraudulent acts (performed individually or in collusion with other persons) and from third parties’ acts committed with the intent to obtain a financial gain or cause damage.
- Scope of Cover
- Losses caused through dishonesty of the employees of the insured financial institution
- Loss or damage of/to property in the premises of the insured financial institution
- Loss in transit, including theft or physical destruction of property during transportation
- Losses caused by forged checks
- Losses caused by forgery of securities and similar instruments
- Damage sustained by the insured financial institution in its ordinary course of business related to transactions (operations) with securities and similar instruments
- Losses arising out of counterfeit currency
- Damage caused to property in the premises of the insured financial institution as a result of unlawful acts performed by third parties
Menu