XL Catlin's Global Professional business has introduced new financial institution bond insurance policies in the US, designed to provide financial institutions with balance sheet protection against employee dishonesty, burglary, robbery, forgery, and similar crimes.

XL

XL Catlin’s new financial institution bond insurance coverage offers protection against fidelity, allowing to retrieve the loss from dishonest or fraudulent acts committed by an employee acting alone or in collusion with others.

It also provides on premises loss due to robbery, burglary, misplacement or mysterious disappearance, as well as in transit loss that will result from robbery, burglary, misplacement or mysterious disappearance while in transit or in the custody of a messenger or transportation company.

The coverage will also be offered for counterfeit currency for loss resulting from the receipt of any counterfeit money, as well as for forgery or alteration resulting from forgery of a financial instrument specified in the policy, such as losses of money, securities or other tangible properties.

In addition, the coverage will be provided for securities to cover loss resulting directly from a financial institution, which are accepted in good faith and given value, extended credit or assumed liability in return.

The Financial institution bond insurance policies can be used by stock brokers, investment bankers or managers, mortgage banks and finance companies, commercial bankers and savings banks and insurance companies.

Financial institutions are also provided with different endorsements to address specific risks. Policies will be provided on a primary, excess and quota share basis with policy limits up to $25m.

XL Catlin Global Crime insurance business chief underwriting officer Greg Bangs said: "Each year, fidelity and crime insurers incur more than $300m in losses by protecting organizations from crime."


Image: XL Catlin has launched a suite of comprehensive new financial institution bond insurance policies in the US. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.