The Bankers Blanket policy offers protection to a financial institution against damage to offices and content - loss or damage to furniture, fittings and equipment arising from fire & allied perils, burglary, theft, hold-up and other criminal acts.
This policy is a Package policy designed specially to cover the risks related to banking sector. A single policy covering all branches in India of the particular bank.
The policy comprises of following 7 sections:
On Premises: Covers money and/or securities belonging to, or in the custody of bank, whilst on their own premises or on the premises of their bankers, against loss or destruction by Fire, Riot & Strike, Malicious damage, terrorist act, burglary, theft, robbery or hold-up.
In Transit: Covers money and/or securities if they are lost, stolen, mislaid, misappropriated or made away with, whilst in transit in the hands of its employees whether by negligence or fraud of the employees.
Forgery or Alteration: Covers losses suffered as a result of payment of bogus, fictious, forged cheques or drafts as also forged endorsements on genuine cheques or drafts or FDRs.
Dishonesty: Covers loss of money and/or securities suffered due to dishonest or criminal act of its employees.
Hypothecated Goods: Covers losses suffered due to fraudulent or dishonest act of employees in respect of goods or commodities pledged or hypothecated to the insured bank and under its control.
Registered Postal Service: Covers loss of registered postal sending by robbery, theft or any other cause not specifically excluded, provided that each post parcel shall be insured with the post office.
Appraisers: Covers loss due to infidelity or criminal act on the part of appraisers, provided that such appraisers are on the bank's approved list.
Janata Agents: Covers loss due to infidelity of criminal acts on the part of Janata Agents, Choti Bachat Yojana Agents/Pygmy Collectors.