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Financial Institution Bonds

 


Financial institution bonds are first-party products that protect financial institutions from a myriad of theft-related exposures, including, but not limited to the risk of employee dishonesty in day to day operations, forgery, vendor-related fraud and theft perpetrated through computer systems. While fidelity bonds are a regulatory requirement for institutions such as banks and stockbrokers, a prudent risk manager should seek this coverage regardless.

Features & Benefits

  • Security of cost-efficient and essential protection, with high limits of coverage and low minimum deductibles

  • Coverage provided on a discovery basis

  • Four types of forms tailored to provide coverage for specific groups of financial institutions

  • Flexibility to secure additional coverage with varying limits of liability

  • Computer Crime coverage enhancements available upon request to address a loss due to a variety of technology-related perils

  • Solutions available for compliance with FINRA Rule 4360

  • Policies and endorsements issuance via a secure web site within 24 hours of issuance through eDelivery®, our online policy delivery system

Coverage

  • Protection in the event of loss of property or assets due to employee dishonesty, theft on premises, theft in transit, forgery, securities and/or counterfeit currency

  • The Form 14 is designed for stockbrokers, stock exchanges, securities investor protection corporations, investment bankers, investment companies and commodity brokers

  • The Form 15 is designed for finance companies, small loan companies, mortgage dealers and mortgage real estate investment trusts (REITs)

  • The Form 24 is designed for commercial banks of all sizes, trust companies, savings banks, savings and loan associations, building and loan associations and American agencies of foreign banks and industrial banks

  • The Form 25 is designed for insurance and reinsurance companies and self-insurance and risk retention groups

  • Available limits of up to $25 million per occurrence

  • Available minimum premium of $2,500

  • Available minimum deductible of $2,500

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