This coverage is found in fidelity policies such as banker's blanket bonds
and other crime policies issued to financial institutions and businesses.
The forum will address issues related to professional indemnity, bankers blanket bonds
, political violence and medical malpractice.
The Professional Liability Insurance Forum will address issues related to professional indemnity, bankers blanket bonds
, political violence and medical malpractice, said the event organisers FinMark Communications.
Basic types of bonds in general usage are: (1) individual bonds, covering a named individual in a stated penalty; (2) name schedule bonds, covering a number of named individuals in the respective amounts set opposite their names; (3) position schedule bonds, covering each of the occupants of positions listed in the schedule in the respective amounts set opposite such positions; and (4) blanket bonds, covering all of the insured's officers and employees with no schedule or list of those covered being necessary and with all new officers and employees becoming bonded automatically, in a blanket penalty that takes two forms, an aggregate penalty bond and a multiple penalty bond.
For the purpose of ERISA Section 412, blanket bonds (which are either aggregate penalty or multiple penalty in form) are permissible only if they otherwise meet the requirements of ERISA and the regulations.
Oldenburg(21) the FDIC sought recovery under two savings and loan blanket bonds
for losses relating to allegedly fraudulent loan transactions.
This is available in three formats: individual bonds, schedule bonds and blanket bonds
. Individual bonds cover theft by a specific named individual.
It also offers all financial institution forms, including bankers, brokers and insurance company blanket bonds
, registered mail and excess securities.
Key to this will be a discussion on Banker's Blanket Bonds
(BBB), a bond purchased by financial institutions from insurance brokers to protect a bank against losses from a variety of criminal acts carried out by employees.
The plaintiff sought recovery under 1980 Form 24 banker's blanket bonds
issued in 1985 and 1987.
Paul Fire & Marine Insurance Co.(26) a purchaser of a failed bank sought recovery under two bankers blanket bonds
for losses sustained in connection with 14 separate transactions.
Vigilant Insurance Co.(24) involved claims under 51 bankers and brokers blanket bonds
issued by 39 insurers for losses caused by the alleged dishonest conduct of Michael Milken and other Drexel employees.