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Insurance Covers are listed in eight Sections viz. A to H.
Banks are expected to get themselves adequately covered for all their
branches. Brief details of the Cover are as follows:
Section A - On Premises -
Money and/or Securities inside Bank premises against the perils of Fire, Riot
and Strike and allied perils, Burglary or Housebreaking, Theft, Robbery or
Hold-up.
Section B - In
Transit - Money and /or Securities
being lost stolen mislaid
misappropriated or made away with whether due to negligence or fraud of the employee(s) of the insured or
otherwise whilst in transit in the hands of such employee(s).
Section C -
Forgery or Alteration - Payment made by insured bank in respect of bogus or
fictitious or forged or raised cheques and/or drafts and/or genuine cheques and/or drafts and/or
travellers’ cheques and/or gift
cheques and /fixed deposit
receipts (excluding Bills of Discount and other credit facilities) issued by
the insured.
Section D -
Dishonesty or criminal act of insured’s employees with respect to loss of money and/or securities.
Section E -
Hypothecated Goods - Fraud and/or dishonesty by the insured’s employees in
respect of any goods and/or commodities pledged or hypothecated to the insured under the insured’s control.
Section F -
Registered Postal Sendings - Loss or robbery theft or by other causes whilst
in direct transit or intended to be dispatched by Registered Insured Post.
Liability of Insurer for any one consignment and/or loss shall be
limited to 10% of Basic Sum Insured or Rs.1,00,000/- whichever is less.
Section G -
Appraisers - Loss due to infidelity or criminal act on the part of insured’s
approved appraisers.
Liability of Insurer will be limited to 5% of Basic. Sum Insured or
Rs.50,000/- whichever is less.
Section H - Janata
Agents/Pygmy Collectors - Loss due to
infidelity or criminal act on the
part of these agents/collectors.
Liability of
Insurer will be limited to 5% of Basic. Sum Insured or Rs.20,000/- whichever
is less.
Liability of
Insurer for Sections A to E will be limited to the sum insured chosen
by the Banks.
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