A financial institution is open to financial loss from outside sources but also from employees. Protect the institution with bankers blanket bond insurance. The insurance can be applied to job positions or individual employees. Some states require financial institutions to carry this type of insurance, speak to your agent to see if this is a requirement for you.
Covered Risks and Liabilities
Bankers blanket bond insurance covers the financial institution itself from acts of theft, dishonesty and fraud. These can be caused by third party or employees. Prepare to assess your coverage needs by looking at the average cash amount kept, turnover rates of employees, average amount and types of daily transactions, number of employees, daily exposure average of business’ operations and employee responsibilities. Covers loss or damage:
- Caused by forged checks
- Arising out of counterfeit currency
- To property on the premises
- In transit
- Caused to property due to the unlawful acts of third parties
- Caused through employee dishonesty
- Caused by security forgeries
- Damage sustained in normal course of business with securities transactions
Knowing the potential financial loss expected from outside sources is often easier to assess than those from internal sources. An agent or broker can work with your company to assess the amount of coverage you need for your bankers blanket bond insurance.