Banker’s Indemnity Insurance

This insurance safeguards Banks against losses incurred due to various scenarios, including damage or loss of money, securities, cheques, drafts, promissory notes on-premises or in transit, employee fraud, or forgery.

Coverage

  • Loss or damage to money, securities, cheques, drafts, and promissory notes on bank premises
  • Loss or damage to money, securities, cheques, drafts, and promissory notes during transit
  • Forgery or alteration of cheques and drafts by employees
  • Dishonest acts or criminal activities of employees involving money and securities, either individually or in collusion with others
  • Dishonest acts of employees pertaining to hypothecated/pledged goods in the bank's custody
  • Loss or damage to money, securities, cheques, drafts, and promissory notes during registered post conveyance
  • Financial losses due to the infidelity of appraisers
  • Loss or damage to money due to the infidelity of pygmy agents, Janta agents, or Chhoti Bachat agents

Benefits

  • Financial protection against losses from theft, forgery, and damage
  • Mitigation of risks associated with employee dishonesty and loss of valuable assets
  • Increased confidence in financial operations and asset safeguarding

Eligibility

  • Banks must have a certain amount of money in their vaults
  • The insured must maintain strict security measures
  • Banks must have a strong system of accounting procedures and internal audits and controls

Pricing

The cost of these insurance plans varies depending on the size of the bank and the type of risks it faces. However, in general, this type of insurance is relatively affordable.

Claim Process

1

Notify the insurance provider

2

Review the policy

3

Gather evidence

4

Document the loss

5

Submit the claim form and documentation

6

Claim evaluation

7

Inspection and assessment

8

Investigation

9

Thank You

Note: The claims process can vary depending on the specific circumstances and the policies.

Connect with us

Have a query? Need any assistance? We are here to help.

P&L(Preferable in excel format)