Banks

Often, existing insurance products do not provide true protection for the fast-changing banking industry. Many place restrictions on coverage, which render elements of the policy ineffective, such as providing proof of criminal intent. To avoid these problems, we create market-leading products that redefine what is possible.  
 

One size never fits all. We rarely accept policy wordings designed by insurers, preferring to tailor coverage to the specific risks of the individual business

We offer best-in-class bespoke policy wordings and risk planning for: 

• Central Banks
• Commercial Banks
• Retail Banks
• Investment Banks
• Savings and Loans Banks
• Cooperative Banks
• Credit Unions
• Shadow Banks

We work to understand your risk and customise protection accordingly.

Our bespoke policies minimise exposure to loss while at the same time eradicating superfluous cover - bringing you an optimised balance of protection and cost.

Crime & Liability Coverage

Employee dishonesty represents over 80% of banking clients’ losses, either directly or as a vector for criminals. Our policies remove any need to explain motives. All that is required is to show that the employee(s) caused a loss as a result of a criminal, malicious, fraudulent or dishonest act, whether committed alone or in collusion with others.

Scenarios we can cover: 

• Employee Fraud: whether acting alone or in collusion with others.
• Cyber Crime: No requirement to prove who caused the financial loss and why it occurred.
• Protection against weaknesses in vendors’ and suppliers’ systems
• Social Engineering: Loss resulting from the transfer of funds to an unintended third party as a result of a phishing or other social engineering attack. 
• Incident response services 24/7/365 
• Cover the costs of verification and reconstruction of your system as a result of attempted attacks
• Business interruption costs
• Civil Liability. Loss resulting from third party claims made against the bank for Civil Liability provided such claims arise out of the provision by the bank of Financial Services
• Data, privacy & multimedia liability.
• Extortion demands including ransomware 
• Plastic Card & ATM protection 
• Loss resulting from acting on any forged, fraudulent altered or counterfeit documents or securities which purport to be authentic with the intent to deceive. 
• Data, privacy & multimedia liability.
• Protection for Fraudulent retention of inadvertently misdirected funds.
• Loss of cash, securities and other valuables wherever situated, including whilst in transit.  

This is not an exhaustive list, please speak to a Howden broker to find out more about cyber protection.