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Banker's Blanket Bond

  • 1. Product Overview
    It is an insurance policy that comprehensively covers the characteristic losses in financial transactions that may accompany the performance of the day-to-day business of a financial companies.
    This is compensation for the loss of the insured due to the negligence of the insured, willful acts such as fraud, embezzlement, and embezzlement of the insured insured, theft, robbery, and harmness of the 3rd party.
  • 2. Who needs this Insurance
    Banks, Savings Banks, Securities Firms, Asset Managers
  • 3. Main Covered Loss
    Employee misconduct, damage to property in the workplace, damage during transportation, counterfeiting and tampering damages, securities damages, counterfeit currency damages, office and household equipment damages, litigation costs, etc.
  • 4. Main Exclusion

    - Loss incurred prior to the date of retroactive collateral on the securities, or not discovered during the insurance period.

    - Insured defaults or defaults

    - Loss incurred by the withdrawal of funds from an account where the payment is not deposited, including the phonetic and cross-issuance of the cheque.

    - Loss caused by a lack of cash issued by the claimant by mistake

    - Loss to the client's deposit box and property in the safe deposit box

    - The risk of destruction of the insured's premises or property, or the damage caused by the delivery of the property out of the premises as a physical threat to the employees.

    - The amount of money that was mistakenly deposited incorrectly and withdrawn from the account holder's account

    -Regarding automated machines such as ATMs and damage to the machine itself due to acts of violence and damage due to malfunction, damage to the property stored inside the machine.

    - Damage to unsold traveler’s cheques

    - Loss of Traveler's Cheques, Traveler's Credit, Accounts Receivable, Warehouse Securities and Similar Receipts, etc., or by forgery or falsification of the signature of the slips.

    - Loss of property under the control of a general transport company other than a security guard company or an armed convoy

    - Damages caused by credit cards, debit cards, and purchase cards

    - Damage caused by natural consumption, wear and tear, and worms

    - Damage caused by the input, editing or destruction of computer data

    - Damages from Trading or Dealing

    - Natural disasters such as typhoons, and the resulting fires and damage caused by looting

    - Damage caused by war, aggression, hostilities and similar acts

    - Radioactivity, damage caused by nuclear involvement

    - Other Exclusions in terms and conditions