Securities as used in this policy is deemed to mean air consignment notes, bank money orders, bills of exchange, bill of lading, bonds, certificates of deposit, certificate of shares / stocks, cheques, coupons, debentures, demand drafts, express postal orders, fixed deposit receipts issued by the insured, lorry receipts, lottery tickets, postal receipts, promissory notes, railway receipts, time drafts, warehouse receipts, mail transfers, travellers cheques and drafts and all other instruments of a negotiable character in respect of which, if negotiated by any holder, the insured would have no recourse against the innocent holder thereof.
Employee is deemed to mean all existing employees (officers, clerks and sub-staff) whether permanent or temporary, whole time or part time, on contract or otherwise, including apprentices, on the salary roll of the bank at all its offices, but shall not include any director or partner other than salaried.
A Bankers Blanket Indemnity policy provides indemnity for any direct loss of money and / or securities sustained by the insured and discovered during the period specified in the policy.
The policy provides indermnity against the following contingencies: - On premises, In transit, Forgery or alteration, Dishonesty, Hypothecated goods, Registered postal sendings, Appraisers, Janata Agents.
The insured has to beer an excees in respect of each and every loss. If the claim is under contingencies from i to v above, the insured shall bear 25% of each loss or 2 percent of the basic sum insured, whichever is higher, but not exceeding Rs.50,000. If the claim is in respect of vi to viii, the insured has to bear 25% of each and every claim.
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