Nuts & Bolts:
ISO introduced a new insurance program to protect financial institutions from employee dishonesty, forgery, computer crime, kidnap and ransom, and safe-deposit liability. The program includes policy forms and endorsements, underwriting rules, loss costs (projections of future claims) and an experience and a schedule-rating plan. It is primarily designed for banks and savings institutions, but some policy forms can be written for any financial institution. ISO has filed the program, which will take effect June 1, 2005, for regulatory approval in all U.S. jurisdictions. It consists of five separate policies available in non-aggregate and aggregate-limit versions. The policy contains fourteen separate insuring agreements that cover a host of perils related to banking. The fidelity insuring agreement is mandatory, covering losses from employee dishonesty (embezzlements) and fraudulent loans and trading.
Dollars:
No deductibles, limits or premiums available.
Carrier:
No carrier.
States Available:
Alabama, Arkansas, Colorado, Connecticut, Delaware, District of Columbia, Florida, Idaho, Indiana, Iowa, Kansas, Kentucky, Maine, Massachusetts, Michigan, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, North Carolina, North Dakota, Ohio, Rhode Island, South Carolina, south Dakota, Tennessee, Utah, Washington and Wyoming.
Contact:
Dave Dasgupta,( 201) 469-2426 or ddasgupta@iso.com.
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