Financial Institutions in fact the whole world is electronically connected which means exchange of electronic messages, data, confidential information and lot more. In this world of electronic advancement and ease we are also evidencing smart techniques of committing crime. The intruders find unique ways of disrupting company’s electronic systems thus posing the level of risk for a company which is hard to estimate. The Electronic and Computer Crime Insurance Policy of EFU General provides comprehensive solution by offering variety of benefits that suits the needs of the institutions and organizations thus helping them in getting protection against unforeseen electronic crimes and incidents.
Provides coverage against the loss suffered by the Policy holder as a direct result of:
provided always that fraudulent acts were committed by a person who intended to cause the Policy holder to sustain a loss or to obtain financial gain for himself or any other person
Provides coverage against the loss suffered by the Policy holder as a direct result of the fraudulent input, the fraudulent modification or the fraudulent destruction of Electronic Data stored within or being run within the Policy holder’s Computer System or during electronic transmission through data communication lines including satellite links from the Policy holder’s Computer System into the customer's Computer System while the Policy holder is acting as a Service Bureau for said customer which fraudulent acts were committed by a person who intended to cause the Policy holder or the Policy holder’s customer to sustain a loss or to obtain financial gain for himself or for any other person and for which loss the Policy holder is held to be legally liable
Provides coverage against the loss suffered by the Policy holder as a direct result of the Policy holder having transferred, paid or delivered any funds or property, established any credit, debited any account or given any value as the direct result of the fraudulent preparation or the fraudulent modification of Electronic Computer Instructions which fraudulent acts were committed by a person who intended to cause the Policy holder to sustain a loss or to obtain financial gain for himself or any other person.
Provides coverage against the loss of the Policy holder’s Electronic Data as the result of the malicious destruction or attempt thereat by any person while;
Further provides coverage against the Policy holder’s Electronic Data Processing Media being lost, damaged or destroyed as the direct result of robbery, burglary, larceny, theft, misplacement or mysterious unexplainable disappearance while the Electronic Data Processing Media is within offices or premises located anywhere within Pakistan, or in the custody of a person designated by the Policy holder to act as its messenger, while the Electronic Data Processing Media is in transit anywhere within Pakistan provided that the Policy holder is the owner of the Electronic Data Processing Media while in transit or is legally liable for such loss or damage.
Provides coverage against the Policy holder having transferred, paid or delivered any funds or property, established any credit, debited any account or given any value as the direct result of the destruction or attempt thereat of the Policy holder’s Electronic Data due to a Computer Virus caused by any person while such Electronic Data are stored within the Policy holder's Computer System or a Service Bureau's Computer System
Further provides coverage against the loss of the Policy holder's Electronic Data as the result of the destruction or attempt thereat of such Electronic Data due to a Computer Virus caused by any person while such Electronic Data are stored within the Policy holder’'s Computer System or a Service Bureau's Computer System.
Provides coverage against the Policy holder having transferred, paid or delivered any funds or property, established any credit, debited any account or given any value on the faith of any electronic communications directed to the Policy holder authorizing or acknowledging the transfer, payment, delivery or receipt of funds or property which communications were transmitted or appear to have been transmitted
directly into the Policy holder’s Computer System or to the Policy holder's Communications Terminal and fraudulently purport to have been sent by a customer, Automated Clearing House or financial institution but which communications were either not sent by said customer, Automated Clearing House or financial institution or were fraudulently modified during physical transit of Electronic Data Processing Media to the Policy holder or during electronic transmission through data communication lines including satellite links to the Policy holder's Computer System or to the Policy holder’s Communications Terminal
Provides coverage against the loss suffered by the Policy holder by reason of a customer of the Policy holder, an Automated Clearing House or a financial institution having transferred, paid or delivered any funds or property, established any credit, debited any account or given any value on the faith of any electronic communications purporting to have been directed by the Policy holder to its customer, an Automated Clearing House or a financial institution authorizing or acknowledging the transfer, payment, delivery or receipt of funds or property which communications were transmitted or appear to have been transmitted
directly into a Computer System or a Communications Terminal of said customer, Automated Clearing House or financial institution and fraudulently purport to have been sent by the Policy holder but which communications were either not sent by the Policy holder or were fraudulently modified during physical transit of Electronic Data Processing Media from the Policy holder or during electronic transmission through data communication lines including satellite links from the Policy holder's Computer System or the Policy holder's Communications Terminal and for which loss the Policy holder is held to be legally liable.
Provides coverage against the loss suffered by the Policy holder by reason of a Central Depository having transferred, paid or delivered any funds or property or debited any account of the Policy holder on the faith of any electronic communications purporting to have been directed by the Policy holder to the Central Depository authorizing the transfer, payment or delivery of said funds or property or the debiting of the Policy holder’'s account in connection with the purchase, sale, transfer or pledge of an Electronic Security which communications were transmitted or appear to have been transmitted
directly into a Computer System or a Communications Terminal of said Central Depository and fraudulently purport to have been sent by the Policy holder to the Central Depository but which communications were either not sent by the Policy holder to the Central Depository or were fraudulently modified during physical transit of Electronic Data Processing Media from the Policy holder or during electronic transmission through data communication lines including satellite links from the Policy holder's Computer System or the Policy holder's Communications Terminal to the Central Depository and for which loss the Policy holder is held to be legally liable to the Central Depository.
Provides coverage against the loss suffered by the Policy holder by reason of the Policy holder having transferred, paid or delivered any funds or property, established any credit, debited any account or given any value on the faith of any Tested instructions directed to the Policy holder authorizing, or acknowledging, the transfer, payment, delivery or receipt of funds or property which Tested instructions were transmitted by Telefacsimile directly to the Policy holder and fraudulently purport to have been sent by a customer, an office of the Policy holder or another financial institution, but which Tested instructions were sent without the knowledge or consent of said person and bear a Forged Signature.
Provides coverage against the loss suffered by the Policy holder by reason of the Policy holder having transferred any funds on the faith of any voice initiated funds transfer instructions directed to the Policy holder authorising the transfer of funds in a Customer's account to other banks for the credit to persons designated by the Customer and which instructions were made over the telephone to those employees of the Policy holder specifically authorised to receive said instructions at the Policy holder’s offices and fraudulently purport to have been made by a person authorised and appointed by a Customer to request by telephone the transfer of such funds but which instructions were not made by said Customer or by any officer, director, partner or employee of said Customer or were fraudulently made by an officer, director, partner or employee of said Customer whose duty, responsibility or authority did not permit him to make, initiate, authorise, validate or authenticate Customer voice initiated funds transfer instructions, which fraudulent acts were committed by said person who intended to cause the Policy holder or the Customer to sustain a loss or to obtain financial gain for himself or any other person.
Further provides coverage against the loss suffered by the Policy holder by reason of the Policy holder having transferred any funds on the faith of any voice initiated funds transfer instructions purportedly communicated between the Policy holder's offices authorising the transfer of funds in a Customer's account to another financial institution for the credit to persons allegedly designated by the Customer and which instructions were purportedly made over the telephone between the Policy holder's offices by those employees of the Policy holder specifically authorised to send and receive said inter-office instructions by telephone, which fraudulent acts were committed by a person other than an employee of the Policy holder who intended to cause the Policy holder or the Customer to sustain a loss or to obtain financial gain for himself or any other person.
Provides coverage against the loss suffered by the Policy holder by reason of the Policy holder having transferred any funds, paid or delivered any funds, established any credit, debited any account, or given any value
Duly filled, signed, stamped, titled and dated proposal form. The proposal form can be obtained by contacting any of our offices
The above is the basic list of requirements and we may ask further information if required.
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