Comprehensive
Crime Insurance
XL Group
Insurance
Financial
Institutions
Financial institutions are changing. They
are relying more on technology for their
infrastructure, distribution and services,
while global regulation increases the pressure
on management. Financial institutions’
risks are becoming more complex. Add in
the effects of uncertainty in the financial
and investment markets, and having the
appropriate quality of insurance coverage
is an essential part of the risk management
tools for any financial institution. We have
developed a suite of products aimed
specifically at financial institutions operating
in today’s complex world.
We’ve taken a completely fresh look at how we provide
crime cover for financial institutions. Our policy provides
comprehensive cover using clear, concise and plain
language. We provide modern, broad cover around
the multitude of perils faced by different types of
financial institutions because we recognise that not all
organisations are the same, and there is a demand for
innovative insurance solutions to the crime risks they face.
Our commitment to you
• We commit to provide our policyholders with excellent
service standards, including in relation to claims handling
and responsiveness
• We commit to treat our policyholders’ information as
confidential, where appropriate
• We will treat our policyholders with fairness, integrity
and respect.
Insuring clauses
• Infidelity of Employees:
• Broad cover for dishonest, fraudulent and
malicious acts;
• Restricted only to limit cover in respect of rogue
lending and trading
• Third Party Fraud:
• Broad documentary fraud cover for physical
instruments, including when other financial
organisations are acting on behalf of the company;
• Relevant cyber fraud cover for the electronic dishonest,
fraudulent and malicious acts of third parties against
the company (or where appropriate another financial
organisation acting on their behalf), including computer
virus/criminal code
• Physical Loss or Damage:
• All risks cover basis, plus cover for customers’ valuable
property, electronic media and physical records whilst
on the company premises;
• Offices and contents cover extended to personal
property of employees and customers
• Extortion:
• Threats to premises and property of the company;
• Threats to sell/disclose confidential security codes etc.;
• Threats to destroy, corrupt, alter or divulge electronic
data or programs;
• Threats to deny access to computer or communications
or payments systems
• Fees and Expenses:
• Verification, reconstitution or removal of electronic data
or programs, or removal of software codes (no sub-limit)
• Sub-limit for audit expense cover
• Legal expenses (no sub-limit)
• Corporate identity fraud (subject to a sub-limit)
• Sub-limit for data breach costs: including the hiring
of experts, notification costs, lawyers’ fees, credit
monitoring services, call centre services, restoration or
recreation of electronic data.
Automatic extensions of cover
• Legal Liability for Incomplete Transactions: pursuant
to rules of any regulated stock exchange
• Stop Payment Order Liability
• Cancelled Items: physical loss of items, plus the incurring
of additional employee expenses
• Erroneous Transfers (and subsequent theft by a third party)
• Loss of Subscription Rights: whether through loss of or
damage to physical securities or electronic data
• Interest Receivable: sub-limit available for interest
which would have been receivable by a customer but for a
covered loss.
Clarity with respect to changes in risk
• New Subsidiaries: automatic coverage from acquisition date
for ongoing acts. Where acquired entity exceeds the assets
or employees threshold or has had a loss in the past three
years, then held covered for 60 days to allow for review
• Automatic run-off cover for sold subsidiaries until expiry
of the policy period.
Other coverage features & conditions
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Cover written on a losses discovered basis
No basis of contract clause
Cover applies on a world-wide basis
Broad aggregation language (same originating cause,
source or event shall be considered to be a single loss)
Automatic 60 day discovery period following expiry, with
option to purchase longer period
Cover for any premium required to be paid to purchase
lost instrument bonds or payments required due to any
relevant indemnifying agreement for the reissuing of
duplicate securities
No requirement for the excess amount to remain uninsured
Broad non-disclosure and misrepresentation provision
limited to fraudulent conduct or intent to deceive
Mediation and arbitration provisions
Use of definitions in policy only where relevant and
necessary
Broad definitions of employee, financial organisation and
valuable property
Automatic inclusion of raised discovery to Responsible
Persons
Confidentiality agreement built into the contract.
Limited exclusions
• Some standard exclusions remain but with broad carve
backs to clarify intent of cover
• Absence of historical restrictions (such as authorised
access exclusion) where no longer relevant
• Exclusions specific to particular coverages clearly
identified.
Please see policy document for full terms, conditions
and restrictions.
Capacity
We can offer up to HK$200m / USD$25m.
Target industries
All types of financial institutions.
Claims handling
Our Claims team has a wealth of experience of handling
financial institutions claims fairly and professionally.
XL
XL Contacts
Contacts
FinanCial
FINANCIAL insTiTuTions
INSTITUTIONS Team
TEAM
international
International Professional
Professional XL
Insurance
Company
SE SE
XL Insurance
Company
1808
1808 Dah
Dah Sing
Sing Financial
Financial Centre
Centre
108
Wanchai
108 Gloucester
Gloucester Road
Road Wanchai
Hong
Hong Kong
Kong
Office:
Office: +852
+852 2820
2820 5888
5888
Fax:
+852 2877
2877 8138
8138
Fax: +852
xlgroup.com/asiafi
xlgroup.com/asiafi
This general
general product
product description
description is
is informational
informational only.
only. It
This
It is
is neither
neither an
an offer
offer to
to sell
sell nor
nor aa solicitation
solicitation
to purchase
purchase any
any particular
particular insurance
insurance product.
product. Coverages
Coverages may
may not
not be
be available
available in
to
in all
all jurisdictions.
jurisdictions.
Products subject to legal and underwriting requirements. Specific product availability varies by
global jurisdiction.
is a trademark of XL Group plc
SE companies