Bankers Blanket Bond
Insuring banks against risks related to fraud and dishonesty
Bankers Blanket Bond (BBB), also known as a blanket fidelity bond, is an insurance policy that is intended to protect against clearly defined definitions of financial loss. We will help you design a policy with the precise blend of insuring clauses to suit your needs.
Bankers Blanket Bond is a highly tailorable risk management solution, that protects a bank from risks related to fraud and dishonesty.
Bankers Blanket Bond is useful in scenarios where a criminal element is working against the interests of the bank. For example, check fraud or bank robbery. Employee dishonesty that works in the bank’s favour, e.g. to make an institution look more profitable, is one example of fraud that wouldn’t be covered. For details of scenarios that would be covered, see below.
Howden's financial risk consultants provide risk management support based on claims trends and insights, helping you stay one step ahead of financial crime.
Who does Howden arrange cover with?
Howden access a wide variety of participating insurers, connecting with both local markets and the Lloyds of London market, in order to provide maximum financial stability.
Concerning cyber cover, we enjoy privileged access to over 40 insurance providers all of which have deep experience in global cyber and tech professional indemnity risks.
Many banks severely underestimate their total sum insured. To discuss how to calculate the total sum insured more accurately, speak to a Howden consultant today.
Speak to a consultant today
Banker's Blanket Bond policy options
a) Full or partial coverage
Choose whether you want to cover 100% of your risk or just certain elements of it.
b) Variable Limit of Liability
Tailor your policy to suit your requirements, with no unnecessary extras.
c) Variable deductible
Select the level of your deductible, to match your risk appetite.
Plus, 24/7 claims line
Financial crime never sleeps, so neither does our claims line. We'll be there for you whenever you need us.
For comprehensive protection you will need coverage for:
1. Employee fraud or dishonesty
Financial loss arising from dishonest acts by your employees
2. Cyber and computer crime
Covers losses from dishonest acts committed using computers, either by employees, outsiders or both in collusion. Click for more on our cyber capabilities.
3. Hold-ups and robbery
Covers bank robbery, including robbery by non-employees and employees.
4. Premises cover
Loss of property or funds resulting from theft, unexplained disappearance, damage, destruction or misplacement.
5. Damages to offices and content
Damage to furniture, fittings and equipment during a burglary, theft, hold-up etc.
6. Transit cover
Global coverage for loss or damage to property. Includes transits conducted by employees, courier services and registered post.
7. Forged checks
Covers losses from forgery or fraudulent alteration of cheques, bills of exchange, drafts, acceptances, withdrawal orders, certificates of deposit, letters of credit and money orders.
8. Forged securities
Any securities not covered above - and not insured under other policies – can be covered under BBB. It’s your broker’s job to help you find the most cost-effective options. Give us a call.
9. Counterfeit currency
Financial losses resulting from forged notes or coins taken in good faith at your premises.