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Package policy designed specially to cover the risks related to banking sector. A single policy covering all branches in India of the particular bank.
A package policy designed specially to cover the risks related to banking
sector. A single policy covering all branches in India of the particular bank.
Retroactive period facility available whereby losses discovered during policy
period due to an incident occurring in earlier period but after inception of
first policy, also become payable, provided the policy has been continuously
renewed with us without break.
Discount in premium available for banks having less than 500 branches.
The policy comprises of following 7 sections :
On Premises : Covers money and/or securities belonging to, or in the
custody of bank, whilst on their own premises or on the premises of their
bankers, against loss or destruction by Fire, Riot & Strike, Malicious damage,
terrorist act, burglary ,theft ,robbery or hold-up.
In Transit : Covers money and/or securities if they are lost ,stolen,
mislaid, misappropriated or made away with, whilst in transit in the hands of
its employees whether by negligence or fraud of the employees.
Forgery or Alteration : Covers losses suffered as a result of payment of
bogus, fictious, forged cheques or drafts as also forged endorsements on
genuine cheques or drafts or FDRs.
Dishonesty : Covers loss of money and/or securities suffered due to
dishonest or criminal act of its employees.
Hypothecated Goods : Covers losses suffered due to fraudulent or
dishonest act of employees in respect of goods or commodities pledged or
hypothecated to the insured bank and under its control.
Registered Postal Service : Covers loss of registered postal sending by
robbery,theft or any other cause not specifically excluded, provided that each
post parcel shall be insured with the post office.
Appraisers : Covers loss due to infidelity or criminal act on the part
of appraisers, provided that such appraisers are on the bank's approved list.
Janata Agents : Covers loss due to infidelity of criminal acts on the
part of Janata Agents, Chhoti Bachat Yojana Agents/Pygmie Collectors.
Add on covers
The following additional perils can be covered on payment of an additional
Losses due to flood, inundation, hurricane, typhoon, storm, tempest, tornado
Losses due to earthquake - Fire & Shock
Additional sum insured can be opted for under Section A & B.
Who can take the policy?
Any banking company as defined under various Banking Acts like Banking Regulation Act 1945, State Bank of India Act 1955 etc.
How to select the sum insured?
The proposer has to select a basic sum insured which will apply to Sections A to
E of the policies. This sum insured should represent the maximum amount of loss
which could be suffered by the bank due to any single incident covered under
Sections A to E. The sum insured under Section F,G&H is fixed at a percentage
of the basic sum insured.
In addition to the basic sum insured , an additional sum insured can be opted
under Section A and/or B on payment of additional premium.
How to claim?
In case of discovery of any loss falling under the scope of the policy, the
following steps should be taken:
Inform insurance co. by phone and/or fax/letter.
In case of burglary/robbery/theft/hold-up etc. inform police and get FIR
In case of dishonest act of employee, inform police and initiate departmental
Submit claim form and relevant documents to substantiate loss to the surveyor
appointed by the insurance company.
Take reasonable steps to prevent further loss due to the same reason.
Note: Policy details given are indicative, not exhaustive. Please contact your nearest NIA office for further details.