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bankers blanket bond insurance

Businesses today face an array of risks; some are part and parcel of the day to day operations, while others, like fraud, can be more elusive yet equally crippling.

Bankers’ Blanket Bond Insurance, a specialized form of insurance for financial institutions, provides a financial safeguard against such perils.

What is Bankers’ Blanket Bond Insurance?

Bankers’ Blanket Bond Insurance coverage is a type of fidelity insurance designed to protect financial institutions, such as banks, from losses due to employee dishonesty, theft, fraud, and other covered criminal acts.

This bankers blanket bond policy can also extend to protect against losses resulting from third-party forgery or alteration of instruments.

The term ‘blanket’ refers to the policy’s integration of various covers under one single contract, simplifying the purchase and management of these critical protections for financial institutions.

What Does Bankers’ Blanket Bond Insurance Cover?

GoldStar Insurance Company Ltd is the company financial institutions should consider when trying to safeguard their assets, reputation, and clients against theft, fraud, and other illegal activity. Keep your financial institution’s integrity intact by not allowing criminal activities to affect it.

Our Bankers Blanket Bond (BBB) insurance, also known as Financial Institution Bond, is a specialized insurance policy designed to protect banks and other financial institutions from various risks, primarily those associated with fraudulent and dishonest acts. It provides comprehensive coverage for losses resulting from a range of criminal activities. Here are the key components and coverages which are included in a Bankers Blanket Bond insurance policy:

Employee Dishonesty (Fidelity Coverage)

This covers losses resulting from fraudulent or dishonest acts committed by employees, such as theft, embezzlement, or forgery.

On Premises Coverage

This protects against losses of property (e.g., money, securities) that occur on the bank’s premises due to theft, robbery, or other criminal acts.

In Transit Coverage

This covers losses of property while in transit between locations, whether the transportation is done by employees or an authorized messenger.

Forgery Or Alteration

This protects against losses due to forgery or alteration of negotiable instruments, checks, drafts, promissory notes, or similar documents.

Securities Coverage

This provides protection against losses resulting from the theft, disappearance, or destruction of securities held by the institution.

GoldStar's Bankers’ Blanket Bond Insurance Optional Add-Ons

A comprehensive cover can also be achieved by including additional extensions in the policy up to a certain limit, contingent on the needs of the financial institution. These could consist of, but are not restricted to:

Computer Systems Fraud

This extends covers losses resulting from fraudulent activities conducted through the bank’s computer systems, including cybercrime and hacking.

Funds Transfer Fraud

This extension protects against losses from fraudulent instructions to transfer funds, whether via electronic systems, telephonic, or other means.

Telephonic And Facsimile Instructions

This extends to covers losses from fraudulent instructions given via telephone or fax.

Data Processing And Electronic Funds Transfer Coverage

This extends protection to include losses resulting from data processing errors or electronic funds transfer fraud.

Counterfeit Currency Coverage

This covers losses resulting from accepting counterfeit currency in good faith.

Our Bankers Blanket Bond Insurance policy is specifically designed for financial institutions, to shield against diverse financial losses.

Choose GoldStar's Bankers’ Blanket Bond Insurance

For Ugandan businesses operating in the financial sector, investing in a comprehensive Bankers’ Blanket Bond Insurance is not merely a prudent business practice; it’s an indispensable strategy for navigating the complex waters of risk management in a responsible and sustainable manner.

At GoldStar Insurance, your financial security is our priority. Contact us today for a comprehensive protection plan that’s right for your financial institution.

In order to make an informed decision you can take a look at the Key Considerations and Exclusions to take note of when choosing GoldStar’s Bankers’ Blanket Bond Insurance.

Bankers’ Blanket Bond Insurance

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FAQ’s

You will need contents insurance, sometimes known as all risk cover, for items for which you require cover out with the home. Please provide details of these items at the time of quotation to ensure that the policy provided meets with your requirements.

Accidental Damage cover provides protection against costs incurred through damage that you, your family members or visitors may cause to the structure of your Building or to your Contents. Examples of incidents which would be covered under this extension include putting your foot through the loft floor damaging the ceiling below, leaving a tap running leading to water damage or carpet spillages. Such incidents would not be included under a policy taken out to cover Standard Perils only.

Additional charges will apply and in certain circumstances this cover might not be available.

Items kept in the garage or garden sheds will be covered under the Contents section of your policy provided you have included their value in the total sum insured declared. Limits may apply to the amount that can be claimed for theft of items taken from outbuildings and additional charges may be made for certain items such as ride on mowers. Cover for motor vehicles and motorcycles is excluded. Please declare your requirements for cover kept in outbuildings at the time of quotation to ensure that the policy provided meets with your requirements.

In most cases you will need to arrange cover for your own contents and personal possessions. Please refer to your tenancy agreement to check what, if any cover is provided by your landlord.

An excess is the amount a policyholder is required to pay towards the cost of any claim. You may be asked to pay this amount to a company that has carried out repairs on behalf of your insurer, or alternatively the sum will be deducted from any settlement received.

Tips:

Goldstar claim process

No matter what your worry is, we’re here to help explain the process, assess your claim fairly and minimize the disruption to you with a transparent claims process.

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How to make a claim

We have a number of options to help you make a claim quickly and effectively. Contact our dedicated claims team for advice on an incident/claim.

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Why choose us ?

Goldstar Insurance was IFM’s Best Insurance Company in Uganda (2015) and has over the years consistently maintained a Global A+ Credit Rating

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