Bond Insurance
The ACE Financial Institutions Bond is aimed at assisting a financial institution in enhancing their risk management program by protecting the institution from the ever-increasing threat of fraud.
The Bond is aimed at providing financial institutions with comprehensive worldwide cover of a wide range of physical and financial losses involving employees and third persons. It also provides cover for losses involving computer systems, voice initiated funds transfers, and facsimile instructions.
Proposal Form
The financial institution has the choice of purchasing some or all of the insuring clauses within the wording.
The following are the key features of the cover, illustrated by each insuring clause:
Coverage Features
- Employee Dishonesty Loss caused by dishonest or fraudulent acts by an employee, whether committed alone or in collusion with others, which caused an improper personal financial gain to the employee or the intent to cause loss to the financial institution
- Premises Loss due to the theft, mysterious inexplicable disappearance, misplacement, damage or destruction of property from the financial institution
- Transit Loss of property from any cause while in transit by a messenger of the financial institution or in an armoured motor vehicle. Loss of any non-negotiable instruments or damage while in transit anywhere in the custody of any security company
- Forgery or Fraudulent Alteration Loss as a result of forged or fraudulently altered cheques, bills of exchange, bankers drafts, bankers acceptances, certificates of deposit, withdrawal receipts or promissory notes
- Forged Securities Loss due to reliance on securities or similar written instruments, such as guarantees or deeds, that were forged, fraudulently altered, lost or stolen
- Counterfeit Currency Loss due to reliance on any counterfeit paper currency or coin issues or purporting to have been issued as legal tender in any country