Ever since Plastic Cards, as a medium of cash payment, have been introduced to ease the hassle of carrying large amounts of money since then criminal acts of fraudulently altering the data contained in the card and its theft has been commonly observed which now is on rise particularly these days, may be because the technology driven master minds are more keen to use shortcuts for quick money.
Covers, debits established against the Financial Institution/ Policy holder resulting only from the use of counterfeited/ Skimmed Plastic Cards purporting to have been issued by the Financial Institution and the subsequent use of such plastic cards by any unauthorized person;
Covers, debits established against the Financial Institution/Policy holder resulting only from the use of any lost or stolen Plastic Cards or the contents thereof issued by the Financial Institution and the subsequent use of such Plastic Cards or the contents thereof by any unauthorized person;
Covers, loss which the Financial Institution/ Policy holder shall sustain through;
Covers, loss of money, securities and other property which the Financial Institution/ Policy holder shall sustain resulting directly from one or more fraudulent or dishonest acts committed by an Employee, acting alone or in collusion with others in respect of Plastic Card operations only.
Dishonest or fraudulent acts as used in this coverage shall mean only dishonest or fraudulent acts committed by such Employee with the manifest intent:
Covers, debits established against the Financial Institution/ Policy holder resulting only from the use of counterfeited/ Skimmed Plastic Cards via interbank fund transfer purporting to have been issued by the Financial Institution and the subsequent use of such plastic cards by any unauthorized person via interbank fund transfer.
Covers, loss which the Financial Institution shall sustain by reason of Reward payments made by the Financial Institution to the designated Merchants for picking up and returning Lost/Stolen Plastic Cards to the Insured/Policy Holder in an effort to prevent any misuse of such Plastic Cards
Covers, debits established against the Financial Institution/ Policy holder resulting only from the use of Plastic Cards purporting to have been issued by the Financial Institution/Policy Holder and the subsequent e-commerce/ online use of such Plastic Cards by any unauthorized person;
Reasonable legal fees, court costs and legal expenses incurred and paid by the Policy Holder in defending any suit or legal proceeding brought against the Policy Holder to enforce the liability of the Policy Holder which is finally established against the Policy Holder, whether by judgment on the merits or by settlement agreed by the Policy Holder and the Insurance Company, provided that such liability constitutes a valid and collectable loss sustained by the Policy Holder under this Policy in excess of the Deductible.
The liability of Insurance Company under this Policy for legal fees, court costs and legal expenses shall be limited to the Sum Covered as mentioned in the Policy against this coverage.
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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