Banker's Blanket Insurance
Bankers blanket insurance plan is for banking that covers the losses and damages to bank assets through any act. The United Insurance Company of Pakistan Limited provides the best packages for bankers blanket insurance. Banks and Financial Institutions recognize the risks associated with their operations and the exposures from within as well as external. It is therefore important that a risk transfer mechanism is set in place to safeguard against all the odds. The Banker’s Blanket Cover is purposely designed for the banks and financial institutions considering their unique needs for coverage. Bankers Blanket Cover covers various “insuring clauses” to encompass various contingencies to suit specific needs.
What we are Giving
75
Total No. of Policies
18 Million+
Premium
1 Million+
Total Claims
Banker’s blanket bond insurance is a type of insurance that covers the losses due to fraudulent act of employee. In banking services it is necessary because it gives protection against many damages.
This clause provides coverage for loss &/or damage to insured’s property due to various perils including fire whilst in the premises where the insured carries on business and other specified places which should clearly be defined while opting for this clause. Some of other risks of this section are followed as under:-
a) Cash in Safe and on counter
b) Lockers
a) Cash in Safe and on counter
b) Lockers
This clause provides coverage for loss caused due to forgery or alteration (forgery means the forging or fraudulent alteration of any document or the uttering of any forged or fraudulently altered document by the employee(s) whereby one obtains possession of monies or goods.) and Forged Cheques are also covered therein.
What’s Covered
Infidelity of Employees
This clause provides coverage for any loss due to misappropriation or embezzlement by dishonesty of the insured’s own employee(s).
In-transit
This clause provides coverage for loss &/or damage to insured’s property whilst in-transit to and from premises along the defined geographical area.
Securities
This clause covers securities of the insured (Stock, Certificates, Bonds, and other Governmental guaranteed authority stocks etc) whilst in insured premises or others due to loss &/or damage resulting from named calamities.
Counterfeit Currency
This clause provides coverage for loss resulting from the acceptance of counterfeit currency by the teller or other charged employee of the insured provided normal and standard procedures and precautions are fully exercised.
Office and Contents
This clause provides coverage for loss &/or damage caused by fire and other perils to the office. The contents of the insured’s premises should specifically be named whilst opting for this coverage. Fixed assets and Computer Equipments are also part of this section.
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Frequently Asked Questions
What is Banker’s Blanket Insurance?
Banker’s Blanket Insurance is a specialized insurance plan designed for banks and financial institutions, offering coverage for various risks such as employee infidelity, damage to property, forgery, and more.
Who offers Banker’s Blanket Insurance in Pakistan?
The United Insurance Company of Pakistan Limited provides comprehensive Banker’s Blanket Insurance packages tailored to meet the unique needs of banks and financial institutions.
Why do banks need Banker’s Blanket Insurance?
Banks face risks from internal and external sources, making it essential to have a risk transfer mechanism in place. Banker’s Blanket Insurance helps safeguard against losses due to fraudulent activities, property damage, and more.
What type of risks does Banker’s Blanket Insurance cover?
It covers a wide range of risks, including employee infidelity, property damage, losses during transit, forgery, counterfeit currency, and more.
What is the difference between Banker’s Blanket Insurance and Banker’s Blanket Bond Insurance?
Banker’s Blanket Insurance provides broad coverage for various banking risks, while Banker’s Blanket Bond Insurance specifically covers losses due to fraudulent acts by employees.
How do I file a claim under Banker’s Blanket Insurance?
To file a claim, you need to contact your insurance provider, provide necessary documentation (e.g., proof of loss), and follow their claims process.
What documentation is required to file a claim?
Typically, you’ll need documentation such as proof of loss, incident reports, employee records (in case of employee fraud), and any other relevant information.
Can I file a claim for losses due to employee fraud?
Yes, the 'Infidelity of Employees' clause in Banker’s Blanket Insurance covers losses due to embezzlement or misappropriation by an employee.
What is the claims process for forgery or counterfeit currency losses?
To file a claim for forgery or counterfeit currency, you will need to provide proof of the fraudulent activity, such as forged documents or evidence of counterfeit currency.
Is there a time limit to file a claim?
Most insurance policies have a time frame within which you must file a claim. Check with The United Insurance Company for specific deadlines related to your policy.
What does the 'Infidelity of Employees' clause cover?
This clause covers losses due to dishonest acts like misappropriation or embezzlement by the insured’s employees.
Does Banker’s Blanket Insurance cover losses while in transit?
Yes, the 'In-transit' clause covers loss or damage to the insured's property while it is being transported between locations within a defined geographical area.
What does the 'Forgery and Alteration' clause cover?
It covers losses caused by forgery or fraudulent alteration of documents by employees or others to gain possession of money or goods.
Is damage due to fire included in the coverage?
Yes, the 'On Premises' clause provides coverage for loss or damage to insured property, including due to fire, while on the bank's premises.
What does the 'Counterfeit Currency' clause cover?
This clause covers losses incurred by the bank due to the acceptance of counterfeit currency by the teller or other employees.
How do I renew my Banker’s Blanket Insurance policy?
You can renew your policy by contacting your insurance provider and completing the necessary paperwork before the policy expiration date.
Can I adjust coverage options during renewal?
Yes, during renewal, you can review and adjust your coverage to better suit your institution's changing needs.
Is there a grace period for renewing Banker’s Blanket Insurance?
Some insurance providers may offer a grace period for renewal. Check with The United Insurance Company for their specific policy.
What happens if I don’t renew the policy on time?
Failure to renew your policy on time may result in a lapse in coverage, leaving your bank or financial institution unprotected against risks.
Will my premiums change upon renewal?
Premiums may change upon renewal based on factors such as claims history, changes in coverage, and updated risk assessments.
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