The IBA noted that while large firms have cover ranging from INR3.5bn to INR5bn, while most smaller players only have the Banker's
Blanket Bond, which does not include cyber heists.
There is a special policy, known as Bankers'
Blanket Bond, whose main objective is to identify fraud employees and covers situations.
ERISA provides that bonds are to be "in a form or of a type approved by the Secretary of Labor, including individual bonds or schedule or blanket forms of bonds which cover a group or class." (2) An individual, schedule, or
blanket bond, or combination thereof, is acceptable under ERISA Section 412, provided that the form of the bond, in its particular clauses and application, is not inconsistent with meeting (1) the substantive requirements of ERISA for the persons and plan involved, and (2) the specific requirements of the regulations.
Twenty years ago, the insurance industry could offer products such as the bankers
blanket bond, the stockbrokers
blanket bond, the mortgage bankers
blanket bond and others.
In the RTC-Moskowitz case (footnote 23), the RTC claimed losses under a bankers
blanket bond resulting from alleged dishonest acts attributed to bank officers and employees.
(MSI), was covered under a stockbrokers
blanket bond issued by the Insurance Company of North America (INA).
Star Financial Bank(23) the Seventh Circuit considered Insuring Agreement D of a depository institutions
blanket bond, which covered losses resulting directly from forgery of a negotiable instrument.
Arkansas statute, pursuant to which broker posted securities dealer
blanket bond, did not impliedly permit direct right of action by third parties.
First Bank(22) the surety sought a declaration that the acts of the insured's former president were not covered under a bankers
blanket bond. The federal district court granted the surety's motion for summary judgment, holding that the bank could not recover under Insuring Agreement A for a loss caused by personal failings and business neglect.
Paul Fire & Marine Insurance Co.(17) a stock brokerage firm sought indemnification under a stockholder
blanket bond and stockholder partnership bonds for amounts it paid in settlement of certain underlying claims.