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Complex insurance of financial institutions

Complex insurance of financial institutions

In recent years, many Russian companies operating in the field of financial services (financial institutions) started considering the idea of insurance against criminal risks, professional liability, loss or damage to their property.

Existence of sound comprehensive insurance program is one of the most important factors in ensuring reliability and financial stability of companies operating on financial and stock markets. In addition to that, one of essential factors in taking decision in favor of insurance is creating a positive image of the company, which is especially important when interacting with foreign partners.

If you are a professional participant of stock/financial market (bank, depository, registrar, dealer, broker, management company, stock exchange or combine several functions), AlfaStrahovanie Group can develop your individual insurance program that takes all your needs into account and provides reinsurance of risks in major Western insurance companies, as well as provide the documents confirming risk placement.

Comprehensive program of insurance of financial institutions, offered by AlfaStrahovanie, includes 3 sections:

  • insurance against risks associated with crime;
  • insurance against electronic and computer crimes;
  • insurance of liability of a financial institution for infliction of damage.

Crime risks insurance (BBB Bankers Blanket Bond) is applied to losses arising from:

  • willful unlawful actions of the personnel;
  • loss of or damage to property during transportation and storage;
  • counterfeiting or making intentional changes in financial documents;
  • operations with forged, counterfeit, stolen or altered securities;
  • damage to the premises of financial institution and the assets contained (including property of clients located in the safe custody of the bank) due to unlawful actions of third parties;
  • damage to property of a financial institution located in safe custody of third parties.
Insurance against electronic and computer crimes (Computer Crime) — covers losses arising from transfer of funds or implementation of any other type of payments as a result of:
  • fraudulent input of electronic data into a computer system of a company, a processing company, an electronic funds transfer system, a system of electronic communication with customers;
  • alteration of data during their transfer from a financial institution to a client or vice versa;
  • effects of computer viruses;
  • false incoming and outgoing e-mail and fax messages;
  • loss or damage to data arising out of intentional destruction or attempted destruction of electronic data carriers.

Liability insurance for financial institution (Professional Indemnity) covers losses arising from financial institution’s obligation to compensate (the damage inflicted to third parties to clients, contractors, etc.) by negligent acts, errors or omissions due to negligence of employees of a financial institution, including managers.

Abovementioned insurance programs may be applied individually, based on the needs of your business.

Insurance rates depend on many factors and can vary from 0,7% to 3,5% of the sum insured.

AlfaStrakhovanie is

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Highest level of service
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More than 100 products for private and corporate customers
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About 400 representative offices
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Highest ratings of reliability
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20 years experience
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Wide range of online products