Bankers Indemnity Insurance Plans and Policy is specially designed to cover risks relating to banking sector. It is a single policy, which covers all branches of a particular bank in India. Any banking company as put under Banking Acts such as State Bank of India Act 1955, Banking Regulation Act 1945, and respective others, can take bankers indemnity insurance plans. Discounted premium is also available for banks with less than 500 branches.
Retroactive Period Facility
The retroactive period facility of the bankers' indemnity insurance policy allows the insured to collect sum for any losses discovered within policy period because of an accident that happened in earlier period, however later to the inception of the first policy. But, to avail this benefit, the policy should be renewed continuously without a break.
At riskfreelife.com the bankers' indemnity insurance plans and policy are divided in 7 sections:
- On PremisesThe bankers indemnity insurance of this type covers for loss or destruction due to strike, fire, riot, burglary, malicious damage, theft, terrorist act, hold up or robbery on securities or money in custody or belonging to the bank, which are on their own premises or that of the premises of their bankers.
- Janata AgentsCover is given for infidelity or criminal acts done by the Chhoti Bachat Yogna Agents, Janata Agents, and Pygmie Collectors.
- Forgery or AlterationThe plan covers losses suffered because of payment of bogus, forged/fictitious cheques/endorsements or drafts, on genuine FDRs, cheques or drafts.
- AppraisersThe cover is offered for criminal or infidel acts on behalf of the appraisers, given that such appraisers are on the approved list of the bank.
- In TransitThis policy covers securities and/or money if mislaid, lost, stolen, made away with, or misappropriated in transit, at hands of the bank employees, due to their fraud or negligence.
- DishonestyBankers' indemnity insurance policy of this kind covers money and/or securities suffered because of criminal or dishonest act/s by the bank's employees.
- Registered Postal ServiceBankers' indemnity insurance plans and policy can cover loss for registered post, which is subjected to robbery, other causes, theft, and those reasons not specially excluded. However, each postal parcel must be insured with the post office.
- Hypothecated GoodsIt covers losses because of dishonest or fraudulent act of the employees in regards to commodities and goods pledged or hypothecated in the insured bank, and are under its control.