Bankers Indemnity Policy
Protecting Banks Against Fraud, Theft, and Financial Risks
A Bankers Indemnity Policy is a crucial insurance cover designed to protect banks and financial institutions against financial losses arising from fraud, theft, forgery, cyber risks, and employee dishonesty. It provides comprehensive coverage to safeguard banking operations from unforeseen risks.
Key Benefits
- Protection against employee fraud and dishonesty
- Coverage for cash, securities, and valuable documents
- Compensation for losses due to burglary, theft, and robbery
- Coverage for cyber fraud and phishing attacks
- Safeguards against financial liabilities from third-party claims
Health Cover Up
to ₹50 Lacs
What is Bankers Indemnity Policy?
A Bankers Indemnity Policy is an insurance cover that protects banks from financial losses due to fraud, theft, forgery, or criminal acts by employees or third parties. It helps ensure security in banking operations by covering risks related to cash handling and transactions.
Why do you need Bankers Indemnity Policy?
Fraud & Employee Dishonesty
Shield against financial losses due to internal fraud or misconduct.
Theft & Burglary Protection
Covers losses from cash, securities, and valuables stolen from premises.
Cyber & Online Fraud Security
Protects against digital banking fraud, phishing, and cyber-attacks.
Third-Party Liability Coverage
Ensures financial protection against claims from customers and third parties.
Why choose Insurance Manager to protect your business?
Comprehensive Protection for Your Workforce
Ensure employee well-being with complete health insurance coverage.
Comprehensive Protection for Your Workforce
Ensure employee well-being with complete health insurance coverage.
Cost-Effective Group Insurance Plans
Affordable plans with benefits like maternity, critical illness, and dependent coverage.
Cost-Effective Group Insurance Plans
Affordable plans with benefits like maternity, critical illness, and dependent coverage.
Peace of Mind for Employers and Employees
Reduce financial stress with cashless claims and reimbursement options.
Peace of Mind for Employers and Employees
Reduce financial stress with cashless claims and reimbursement options.
Boost Employee Productivity and Retention
Build loyalty and motivation by easing economic and mental burdens.
Boost Employee Productivity and Retention
Build loyalty and motivation by easing economic and mental burdens.
What does Bankers Indemnity Policy cover and exclude?
Plan Coverage
Employee Fraud & Dishonesty
Protects against financial losses due to fraudulent activities by employees.
Cash & Securities Theft
Covers loss of cash, securities, or valuables due to burglary or robbery.
Forgery & Alteration
Provides coverage for losses from forged or altered checks, drafts, and promissory notes.
Cyber Fraud & Online Scams
Covers losses due to cyber fraud, hacking, and phishing attacks affecting bank transactions.
Damage to Bank Premises
Covers losses caused by vandalism, break-ins, or destruction due to theft attempts.
Transit Risk Coverage
Protects cash and valuables in transit between branches, ATMs, and bank premises.
Third-Party Legal Liabilities
Covers legal expenses and compensation for claims filed by customers or third parties.
ATM Cash Loss
Covers financial loss due to theft or fraud involving ATM cash withdrawals.
- In-patient treatment 24 hours a day
- Pre-existing disease
- Pre and Post hospitalization
- Domiciliary hospitalization expenses
- Reimbursement of cost of health check-up
- All day care procedure
- Family floater to covers member’s immediate family such as a spouse, dependent children, dependent parents, etc.
- Maternity benefits
- Dental treatment
- Cost of spectacles, contact lenses
- Waiver of waiting period
- Waiver of first-year exclusions
- Reimbursement of ambulance costs
- Baby day one care
- Vaccination benefits
- Increased room rent limits
- Corporate buffer
- Out-patient treatment (OPD Card)
- Root canal surgery
- In-hospitalization expenses due to sickness or accidents
- Room and boarding expenses as provided by the hospital/nursing home.
- Nursing expenses.
- Surgeon, anesthetist, medical practitioner, consultants or specialist fees.
- Anesthesia, blood, oxygen, operation theatre charges, surgical appliances, medicines and drugs, diagnostic materials and X-Ray, dialysis or chemotherapy.
Major Exclusions
Employee Collusion in Fraud
No coverage if fraud involves deliberate collusion between employees and third parties.
Negligence & Operational Errors
Excludes losses due to unintentional errors, mismanagement, or accounting mistakes.
War & Terrorism Losses
Does not cover damages or losses due to war, terrorism, or civil unrest.
Pre-Existing Fraud Cases
No coverage for fraudulent activities discovered before the policy period.
Unauthorized Online Transactions
Excludes losses due to unapproved or non-validated online transactions.
Losses Due to Natural Disasters
Does not cover damages caused by floods, earthquakes, or other natural calamities.
Violation of Banking Regulations
Excludes claims resulting from non-compliance with banking laws and policies.
Indirect or Consequential Losses
No coverage for reputational damage, lost profits, or operational downtime losses.
- If the appropriate waiver is not opted for, then the policy will not cover
- Treatment of pre-existing illnesses.
- Any treatment for illnesses/diseases within the first 30 days of the policy, unless it is an accident.
- Treatment of specified illnesses for the first year of the policy.
- Certain diseases like hernia, cataract, piles, sinusitis, etc are excluded during the first year of operation in the cover.
- Any claim arising out of or traceable to pregnancy.
- Ayurvedic, homeopathy, naturopathy or any other form of local medication.
- Alcoholism, drug abuse, and AIDS.
- Dental treatment or surgery unless it requires hospitalization.
- Cost of spectacles.
- Vaccination and inoculation.
- Cosmetic treatment.
Your Journey to Insurance Manager
When can I Claim?
A claim under Bankers Indemnity Policy can be registered in the below circumstances:
- Fraud & Theft: Losses due to employee fraud, embezzlement, or burglary.
- Cyber & Document Fraud: Claims for phishing, hacking, or forged financial documents.
- Third-Party Liabilities: Legal claims from customers due to financial losses.
Claim what’s yours with Insurance Manager
Have more questions?
Submission
Assessment
