Crime & Civil Liability
This combination of specialist insurance provides comprehensive protection for financial institutions (banks and asset managers) against employee dishonesty, electronic and computer crime, civil liability and associated legal costs.
Well structured FI cover is essential not only to avoid economic hardship in the event of a claim, but also as a valuable tool to protect an insured’s good name particularly where a claim may have a malicious undertone. SHA's banker's and financial institution's blanket bond policies include a range of crime and civil liability covers detailed in the tabs below.
Crime Section
This section indemnifies the insured against direct financial loss caused by:
- Dishonest or fraudulent acts of any employee.
- Theft of, or damage to the interior office by vandalism or damage to contents within the premises.
- Theft of, or damage occurring to property whilst in transit.
- Costs and expenses incurred for the verification and or reconstitution and removal of electronic computer instructions.
- Forged signature or alteration of documents, securities, telephone banking transfers, faxes, internet transactions or mobile phone banking.
- Counterfeit currency, extortion, computer crime.
Civil Liability Section
This section provides indemnity for the insured’s civil liability for any claim (and agreed defence costs) demanding payment of compensatory damages caused by :
- A negligent act, error or omission arising out of the ordinary course of business.
- A dishonest, fraudulent, malicious or criminal act or omission on the part of any employee.
- The negligent breach of any statute (by any regulator, award of any arbitrator or professional body).
- Defamation, libel, slander or injurious falsehood arising out of the ordinary course of business.
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ClaimsWhy insure with SHA Financial Lines?
Solutions
Unique, bespoke solutions carefully crafted for complex risks
Longevity
FI claims can take many years to be discovered and then even longer to be resolved. SHA has over 35 years of experience in handling long tail, complex claims effectively.
Strength
Claims in this sector can be volatile and substantial. SHA as a division of Santam Ltd, being the largest short term insurer in southern Africa, is adequately supported to manage these exposures.Crime and Civil Liability FAQ's
What key information is required to get a quote?
SHA only transacts business via licensed insurance brokers. A proposal form is ideal and can be downloaded here on our website. See the downloads block on this page.
Our team will normally insist on the most recently audited set of financials as well as any prior claims information.
Are there any FI risks that SHA doesn't write?
There aren't many risks that we don't have an appetite for and whilst we do try to find solutions for almost every exposure, the list below covers the main ones:
- Retirement fund trustees and administrators
- Medical aid/insurance administration.
- Reinsurance brokers
- Underwriting managers
SHA also does not provide crime cover for any business in the following sectors:
Crime coverage for retailers, suppliers, manufacturers, distributors of electronic equipment, alcohol, beverages, tobacco products, fuel
What are typical sources of Crime and Civil Liability claims?
- Third parties who have suffered a loss as a result of the insured’s negligence or employee dishonesty
- Regulators and professional bodies
- Fraud perpetrated by employees against the insured
