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MNK Re is a Lloyd's Broker specializing in Bankers Blanket Bond (BBB) Insurance and other Financial Instututions risks. If you are an insurance company or a reinsurance broker, please get in touch with us as we are creative and competitive and will help you win the business.
Bankers Blanket Bond Insurance protects private or publicly-traded financial institutions for loss of assets (including cash, bullion, securities documents or similar valuable assets) from either employee fraud or losses caused by third parties occurring through robbery, forgery, counterfeiting, transfer fraud or computer fraud.
Other associated coverages related to Bankers Blanket Bond Insurance are as follows. These covers are provided either on an integrated basis (with BBB) or on a stand alone basis.
Electronic and Computer Crime Insurance
Financial Institution Electronic and Computer Crime Policy covers Computer Systems, Electronic Computer Programs, Electronic Data and Media, Computer Virus, Electronic and Telefacsimile Communications, Electronic Transmissions, Electronic Securities and Voice Initiated Instructions.
Protects directors and officers of public, private and not-for-profit financial institutions against loss arising out of their status or conduct as directors or officers. As businesses become more regulated through increased levels of corporate governance, EU Directives, Health and Safety, etc., the scope for suing individual directors and officers increases. Consequences can be severe with heavy fines and imprisonment.
Financial Institution Professional Indemnity Insurance
Protects businesses and professionals from the financial consequences of their legal liabilities to third parties arising from breach of their professional duty. Certain professional bodies require their members to buy this type of protection, such as stockbrokers or securities dealers. Most financial institutions purchase this type of cover in order to protect them from litigation from clients or other third parties alleging breaches of professional duties.