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Overview
Each year, a typical organization loses five percent of revenue due to fraud, according to the Association of Certified Fraud Examiners (ACFE). Aside from this, theft, embezzlement, forgery, and hold-ups can impact the business’s finances. Their reputation may also be put at stake and customers and investors may lose faith in the management.
We at AIG have developed an innovative insurance solution for this matter. With our years of experience helping businesses in the Philippines and around the world, we know the challenges they face, and how quickly they can change.
Product highlights
Flexibility to include electronic and computer crime cover
AIG not only provides comprehensive coverage from these crimes, but it also enables businesses to demonstrate their commitment to effective risk controls.
Capacity for financial support
We provide additional coverage for loss of funds due to impairment and fraudulent fund transfer requests. This also covers the reconstitution costs of electronic data.
Who is it for?
Banker’s Blanket Bond is a comprehensive crime and fidelity package designed specifically for banks and other financial institutions.
What is covered?
Banker’s Blanket Bond covers for the bank’s losses against criminal acts such as hold-up, theft, fraud, and robbery among others. Click below to learn more about its extensive coverage.
Fidelity
Covers losses caused by dishonest and fraudulent acts of the Insured’s employees.
On premise
Covers for losses against theft, larceny, false pretenses, burglary, robbery or hold-up committed by persons physically present on the premises where the property is located.
In-transit
Covers loss of property while in-transit by the Insured’s authorized representative such as a messenger or armored vehicle.
Forgery and alteration
Covers the loss arising from forgery and alteration of cheques, bills of exchange, acceptances, drafts, certificates of deposit, letters of credit, money order, promissory notes etc.
Securities
Covers the loss arising from forged, counterfeited, altered or stolen securities (share certificates, bearer stock, certificates of stock, warrants or rights, etc.)
Counterfeit currency
Covers the loss arising from altered or counterfeited paper currency or coins.
Offices and contents
Covers the loss to furnishings, fixtures, equipment caused by burglary, robbery, hold-up, theft or larceny or any attempt threat, or by vandalism or malicious mischief.
Legal fees
Covers for legal fees, costs and expenses in the defense of any demand, claim, suit or legal proceeding with respect to which the Insured established that the act which was committed would entitle for recovery.
How to make a claim?
When you buy insurance from AIG, you can have confidence that we stand ready to help you recover quickly when the unexpected happens. The claims operation that underpins every AIG policy is one of our greatest strengths, with a strong local claims team backed by our global network of expertise to support you when you face a loss.
For claims associated with Banker’s Blanket Bond, please reach out to your insurance broker to assist you. The client must report in writing to AIG as soon as practicable and within the Policy Period. Potential facts or circumstances that may lead to a claim should be reported prior to the expiry of the Policy Period.
You may also contact us at:
Email: phlweserve_CML@aig.com and financiallines.phl@aig.com