The Bankers Blanket Bond product consists of a number of sections known as Insuring Clauses. Each clause offers protection to a financial institution against a clearly defined risk of financial loss.

A financial institution may have a Bond in which all Insuring Clauses are included or may select only those that are relevant to its business. UPI Brokers have extensive experience in tailoring the right package to meet the exact needs of clients.

Standard Insuring clauses of a typical BBB are as follows :

• Dishonesty of employees - financial loss due to dishonest or fraudulent acts of employees.
• Premises risk - loss of property resulting from theft, unexplained disappearance, damage, destruction or misplacement.
• Transit - loss or damage to property whilst in transit anywhere in the world in the custody of employees and including transits carried out by courier service or by registered post.
• Forged cheques - loss sustained due to the forgery or fraudulent alteration of cheques, bills of exchange, drafts, acceptances, withdrawal orders, certificates of deposit, letters of credit and money order
• Forged securities - loss sustained by an organisation due to its having acted upon other types of securities or documents, which are not otherwise insured, under the forged cheques section.
• Counterfeit currency - losses sustained from the acceptance in good faith of counterfeit notes or coins at the Insured's premises.
• Damage to offices and content - loss or damage to furniture, fittings and equipment arising from burglary, theft, hold-up and other criminal acts.

Other lines usually written in alignment with the standard BBB policy taken out by financial institutes includes : Professional indemnity for financial institutes, Computer Crime & Directors & Officers Liability Insurance.

Policy covering computer theft of money, securities, and/or other property. Some forms also cover computer theft of information and computer vandalism.

The standard policy can be extended to cover cyber crimes, internet banking and much more.

A Fidelity Guarantee is a contract of insurance which guarantees that if the employer suffers any direct financial loss arising out of the employees dishonesty.

The term “Fidelity Guarantee Insurance” embraces Policies indemnifying employers against pecuniary losses on account of forgery, defalcation (misappropriation of money), embezzlement (diversion of money to one’s use) and fraudulent conversion by employees. The object is to provide protection against losses arising out of the default of an individual acting in some capacity such as Cashier, Accountant and Store-keeper, etc.

The Policy covers the loss sustained by the employer by reason of any act of forgery and/or fraud and/or dishonesty of monies and/or goods of the employer on the part of the employee Insured committed on or after the date of commencement of the Policy during uninterrupted service with the employer. The loss should be detected during the continuance of the Policy or within 12 calendar months of the expiry of the Policy and in the case of death, dismissal or retirement of the employee usually within 12 calendar months of such death or dismissal or retirement whichever is earlier.

The cover may be required in respect of a single employee or a group of employees.

Usually provided as an extension to cover assets &/or employees operating in troubled zones. War & Terrorism extension is usually provided under the following lines of business :

• Property Insurance. (Under any property format)
• Marine HUL & Cargo
• Personal Accidents
• Group Life Insurance
• Engineering Lines including Contractors Plant & Equipments

Other similar lines providing under some occasions similar cover includes political violence insurance.

Kidnap and ransom insurance or K&R insurance is designed to protect individuals and corporations operating in high-risk areas around the world, particularly in Afghanistan and Iraq. The Policy basically provides for financial support or as named in the policy “Ransom” in the case of an insured person gets kidnapped. The policy usually provides for personal accident cover as well.