Bankers Indemnity Insurance

Bankers Indemnity

Bankers Indemnity

Miscellaneous Insurance Policy

Package policy designed specially to cover the risks related to banking sector. A single policy covering all branches in India of the particular bank.


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.

Retroactive period facility available whereby losses discovered during policy period due to an incident occurring in earlier period but after inception of first policy, also become payable, provided the policy has been continuously renewed with us without break.

Discount in premium available for banks having less than 500 branches.


The policy comprises of following 7 sections :

  1. 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.
  2. 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.
  3. 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.
  4. Dishonesty : Covers loss of money and/or securities suffered due to dishonest or criminal act of its employees.
  5. 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.
  6. 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.
  7. 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.
  8. Janata Agents : Covers loss due to infidelity of criminal acts on the part of Janata Agents, Chhoti Bachat Yojana Agents/Pygmie Collectors.

Add on covers

The following additional perils can be covered on payment of an additional premium :

  1. Losses due to flood, inundation, hurricane, typhoon, storm, tempest, tornado and cyclone.
  2. Losses due to earthquake - Fire & Shock
  3. Additional sum insured can be opted for under Section A & B.

Who can take the policy?

Any banking company as defined under various Banking Acts like Banking Regulation Act 1945, State Bank of India Act 1955 etc.

How to select the sum insured?

The proposer has to select a basic sum insured which will apply to Sections A to E of the policies. This sum insured should represent the maximum amount of loss which could be suffered by the bank due to any single incident covered under Sections A to E. The sum insured under Section F,G&H is fixed at a percentage of the basic sum insured.

In addition to the basic sum insured , an additional sum insured can be opted under Section A and/or B on payment of additional premium.

How to claim?

In case of discovery of any loss falling under the scope of the policy, the following steps should be taken:

  1. Inform insurance co. by phone and/or fax/letter.
  2. In case of burglary/robbery/theft/hold-up etc. inform police and get FIR registered.
  3. In case of dishonest act of employee, inform police and initiate departmental enquiry.
  4. Submit claim form and relevant documents to substantiate loss to the surveyor appointed by the insurance company.
  5. Take reasonable steps to prevent further loss due to the same reason.

Note: Policy details given are indicative, not exhaustive. Please contact your nearest NIA office for further details.

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