According to Greg Bangs, Chief Underwriting Officer of XL Catlin’s Global Crime insurance business, “Each year, fidelity and crime insurers incur more than $300 million in losses by protecting organizations from crime. The risk is real. Consider that according to the FBI, in 2014, nearly 4000 financial institutions, including commercial banks, credit unions and armored carrier companies were robbed. If stolen money is not recovered, it comes directly out of the financial institutions reserves, and that can be a hard hit to their balance sheet.”
XL Catlin’s new Financial Institution Bond protection includes, but is not limited to, protection against:
• Fidelity providing coverage for loss from dishonest or fraudulent acts committed by an employee acting alone or in collusion with others
• On premises loss which may result from robbery, burglary, misplacement or mysterious disappearance
• In Transit from robbery, burglary, misplacement or mysterious disappearance while in transit while in the custody of a messenger or transportation company
• Counterfeit Currency for loss resulting from the receipt of any counterfeit money
• Forgery or Alteration covering losses from forgery of a financial instrument specified in the policy, such as losses of money, securities or other tangible properties
• Securities to cover loss resulting directly from a financial institution having accepted these in good faith, and given value, extended credit or assumed liability in return
Tailored financial institution bond coverage is available for stock brokers, investment bankers or managers; mortgage banks and finance companies; commercial bankers and savings banks; and insurance companies. A variety of endorsements are also available to address specific risks for individual financial institutions. XL Catlin’s new financial institution bond policies are available on a primary, excess and quota share basis with policy limits up to $25 million. Coverage is provided by XL Catlin insurance company, XL Insurance America.
To learn more about Financial Institution bond insurance, read Greg Bangs’ article “Protecting Financial Institutions from being bamboozled, cheated or robbed,” on XL Catlin’s Fast Fast Forward.
About the XL Catlin Insurance Operations
The XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group plc’s (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.