Salient Feature
This Policy is specially designed for banks to indemnify direct loss suffered by them (excluding Non Banking Financial Institutions) in various contingencies in the form of a package cover.
Scope of Cover
Insurance Covers are listed in eight Sections viz. A to H. Banks are expected to get themselves adequately covered for all their branches. Brief details of the Cover are as follows:
Section A
On Premises - Money and/or Securities inside Bank premises against the perils of Fire, Riot and Strike and allied perils, Burglary or Housebreaking, Theft, Robbery or Hold-up.
Section B
In Transit - Money and /or Securities being lost stolen mislaid misappropriated or made away with whether due to negligence or fraud of the employee(s) of the insured or otherwise whilst in transit in the hands of such employee(s).
Section C
Forgery or Alteration - Payment made by insured bank in respect of bogus or fictitious or forged or raised cheques and/or drafts and/or genuine cheques and/or drafts and/or travellers' cheques and/or gift cheques and fixed deposit receipts (excluding Bills of Discount and other credit facilities) issued by the insured.
Section D
Dishonesty or criminal act of insured?s employees with respect to loss of money and/or securities.
Section E
Hypothecated Goods - Fraud and/or dishonesty by the insureds employees in respect of any goods and/or commodities pledged or hypothecated to the insured under the insureds control.
Section F
Registered Postal Sendings - Loss or robbery theft or by other causes whilst in direct transit or intended to be dispatched by Registered Insured Post.
Liability of Insurer for any one consignment and/or loss shall be limited to 10% of Basic Sum Insured or Rs.1, 00,000/- whichever is less.
Section G
Appraisers - Loss due to infidelity or criminal act on the part of insureds approved appraisers.
Liability of Insurer will be limited to 5% of Basic. Sum Insured or Rs.50, 000/- whichever is less.
Section H
Agents/Collectors - Loss due to infidelity or criminal act on the part of these agents/collectors.
Liability of Insurer will be limited to 5% of Basic Sum Insured or Rs.20, 000/- whichever is less.
Liability of Insurer for Sections A to E will be limited to the sum insured chosen by the Banks.
Premium Rate
It is Non Tariff Business
Branch Discount
Number of Branches Discount
1 to 50 = 20%
51 to 100 = 15%
101 to 250 = 10%
251 to 500 = 5%
More than 500 = Nil
Change is Constant
At National Insurance, we have embraced change and are simplifying our processes to meet your requirements at all times. Simplicity is now part of our progressive stance. And that starts with our new look. It is a small part of the many changes that we have put into action, to provide you with prompt and hasslefree services...the simply way.
Learning Zone
Learning zone is an attempt to help you understand some basic concepts of general insurance in order to identify your insurance needs... [ read more ]
Personal Line Insurance
Personal Line Insurance is meant to cover risks of person and property of individuals or group of individuals or liability developing upon them...
Automobile Insurance
Private Car, Two Wheeler, Commercial Vehicle, Ambulance, Construction Equipment vehicle, Agriculture & Forest Vehicle
Industrial Insurance
Industrial Insurance is another branch of non-life insurance which covers various risks faced by the industry and serves to sustain the growth of the industrial activity.
