Banker’s Blanket Bond
The Banker’s Blanket Insurance comprises a number of insuring clauses which can
be availed of in whole, or be tailor-made to fit every customer’s specific needs.
The following are the insuring clauses:
- INFIDELITY OF EMPLOYEE: Provides coverage for any loss due to misappropriation
or embezzlement by the Insured's employee.
- ON PREMISES: Provides coverage for loss and/or damage to the
Insured's property due to various perils including fire while inside the premises
where the Insured or others carry out business (this should be clearly defined when
opting for this clause).
- IN-TRANSIT: Provides coverage for loss and/or damage to the Insured's property
while in-transit to and from premises along the defined geographical area.
- FORGERY AND ALTERATION: Provides cover against a financial loss,
which results from having acted in good faith upon “written instruments” or “payment
instructions”, if these prove to be forged, or fraudulently altered, lost or stolen,
or forged as to signature.
- SECURITIES: Provides cover for losses arising from situations where the institution
has “acted upon” (e.g. accepted as collateral) any forged or fraudulently altered
- COUNTERFEIT CURRENCY: Coverage in this respect indemnifies the
institution for losses sustained as a result of its acting upon any counterfeit
currency, for example the encashment of counterfeit currency handled during the
normal course of business. This coverage is particularly beneficial for those institutions
which handle foreign currencies.
- OFFICE AND CONTENTS: Provides cover in respect of the cost of replacing equipment
and the reconstruction of premises due to loss or damage incurred as a result of
robbery, hold up or burglary. This section of coverage will not include losses due
to fire, either in respect of damage to buildings or general office contents.
In addition to the above, this policy can also be extended to provide cover for
losses resulting from electronic and computer crime through different insuring clauses.
Premium chargeable is based on the limit of indemnity required (which again is based
on values exposed or at risk), insuring clauses opted for, territorial scope, extensions
required apart from security measures, internal procedures & practices. Please check
the Deductibles and conditions applicable to this policy.
Organising seminars, conferences, concerts, sports meets or even personal events
such as weddings etc can be both time consuming and expensive. Oman Insurance's
Contingency Insurance is specifically designed to cover these occasions. It benefits
the organizers in case the event is cancelled and losses are incurred. The company
would indemnify for financial losses up to the Sum Insured, resulting from the event
not having taken place, been abandoned, interrupted, postponed, curtained or rescheduled
due to any of these causes:
- Natural Perils (including weather)
- Death of Rulers, Presidents, Crown Princes or Dignitaries
- Non appearance of key artists / performers
The rate chargeable is applied on the basis of the limit of indemnity and is dependent
on the nature of the event, arrangements, seasons, track record of the key performers.
Please refer to the conditions applicable to this policy.
Exporters are constantly exposed to risks of non-payment from customers to whom
they have sold and exported volumes of goods. This can be a default due to reasons
such as bankruptcy, insolvency, closure or even new government regulations. However,
such non-payment can cause stagnancy in the exporter’s business leading to losses.
Oman Insurance offers Credit Insurance to cover losses caused by such defaults in
payment. The policy also offers additional benefits like alerting the insured about
the credit-worthiness of their customers, and so on.
The covers offered include:
- Insolvency of the debtor
- Protracted default by the debtor - in case the debtor fails to
pay the due amount even if he is not declared insolvent by the court, OIC will pay
the amount (subject to the waiting period in the policy)
- Insuring the account receivables will secure your profitability without extra
credit control infrastructure.
- Ensures peace of mind, enabling you to concentrate your resources
on entering/winning new markets.
- Often, even before your existing customers experience credit difficulties,
we are likely to come to know of it through its global network; so we can inform
you of the potential danger.
The premium on this policy is dependable on the exposure and a careful study can
be made upon contacting us.
No matter how employers of different organizations place security and surveillance
in their procedures and activities, mishaps due to misappropriation and embezzlement
of property by employees, although rare, can occur.
Incidents of such mishaps worry a number of employers. Whilst a number of insurance
policies exclude infidelity incidents by employees, the Fidelity Guarantee insurance
is specifically designed to protect such misappropriation incidents by employees.
When opting for fidelity guarantee cover, employers should consider one or more
of the following items:
- Number of employees handling monies, valuable or convertibles, stock etc
- Limits being exposed to such employees
- Eligibility and legal status of such employee to the organization
At Oman Insurance we offer a Fidelity guarantee policy that covers any loss caused
due to any act(s) of Forgery or embezzlement, larceny &/or fraudulent conversation
committed by an employee in the course of their duties.
The rate chargeable is always applied on the Total Aggregate limit of indemnity
in addition to per capita (additional charges per employee)
Expression forgery means the forging or fraudulent alteration of any document or
fraudulently altered document by the employee(s) whereby he obtains possession of
monies or goods of the employer.