Specialized Cover
BANKERS POLICY
Intended User:
Bankers
   
Coverage:
This policy covers such direct financial loss sustained by the Assured subsequent to the Retroactive date (the date which is agreed in the policy) and discovered by the assured during the period of the policy. All the risk, which is covered are defined in the insuring clauses.
 
Insuring Clause 1 (Infidelity of Employees.)
All the losses solely and directly caused by one or more dishonest fraudulent acts of the employees of the bank.
 

Exclusion:

Insurer is not liable to pay the loss of employees salary, fees, commissions and other emoluments, including salary increases and promotions.
 
Insuring Clause 2 (On Premises.)
  1. All the loss through theft, burglary, larceny, robbery, false pretences, misplaced, damaged, hold-up and due to the mysterious and unexplainable disappearance.
  2. All the loss of a customer or any representative when on the premises of assured due to the perils specified in the A above. (excluding any loss caused by such customer or representative.)
 
Exclusion:

All the loss or damage to property while in the mail, nor in the custody of any security motor vehicle company.
 
Insuring Clause 3 (In Transit.)

Loss or damage to the property from any cause while in transit anywhere in the custody of any employee or while in the custody of security motor vehicle company for transportation on behalf of the Assured.

Exclusion:
This policy does not cover the loss until or unless the amount of such loss shall be in excess of the amount recoverable, recovered or received by the assured under

  1. The Assured’s contract with the security motor vehicle company.
  2. Contractual insurance carried by the Security motor vehicle company.

And this policy shall cover only such  excess amount upto the limit.

Special Conditions.
  1. Transit shall be completed as soon as possible and the property must have to reach the destination within the short period of time.
  2. Assured undertake payroll or similar operation on behalf of a customer the transit shall be deemed to terminate immediately on arrival at the customer’s premises.
 

Insuring Clause 4 (Forged Cheques.)
Loss of Assured by reason of:
  1. The forgery or fraudlent alteration of, or in any cheques, bill of exchange, acceptance, drafts, certificate of deposit, letter of credit, withdrawal, receipts for the withdrawal of funds, money orders, and orders upon public treasuries. 
  2. The payment by the Assured of forged or altered promissory notes or of promissory notes bearing forged endorsements.

Exclusion:
This policy does not cover any loss occurred due to the genuinely signed or endorsed but the contents are false.

 
Insuring Clause 5 (Counterfeited Currency.)
This insuring clause covers the loss by reason of the receipt by the Assured of any counterfeited or altered paper currency or coin issued or purporting to have been issued by or to be legal tender in the country in which the Assured’s office sustaining the loss is located.
 

Insuring Clause 6 (Damage to Office & Contents.)
The losses by the reason of:
  1. Damages to furnishings, fixtures, equipment (except computers and peripheral devices.) stationery, supplies or safe and vaults within any office of the assured, caused by the burglary, robbery, holdup, theft, or larceny, or any attempt thereat or by malicious mischief.
  2. Damages to any such office caused by the burglary, robbery, holdup, theft, or larceny, or any attempt thereat, or to the interior of any such office by the vandalism or by malicious mischief.

Exclusion:
This insuring clause does not cover loss or damage through fire.

 

General Exclusions are defined in money Exchange Company.
 
 
Write to Us...