SelectOne® Financial Institution Bond with Extended Coverages

Managed care organizations and health insurance companies need specialized crime coverage to address their unique exposures.  Travelers SelectOne® Financial Institution Bond with Extended Coverages is designed to meet the unique coverage needs of managed care organizations and health insurance companies by keeping up with and providing protection for the types of crime exposures faced by today's health insurance companies.  Exposure from employee dishonesty continues to be a significant threat to insurance companies.  An internal fraud can often span many years and can be difficult to detect even with appropriate controls in place.  In fact, many losses are discovered under unusual circumstances outside of the controls a company has in place to detect fraudulent transactions.  By the time such a fraud is exposed, the dollar amount of the loss may have escalated to catastrophic portions.  

Travelers SelectOne® Financial Institution Bond for Insurance Companies provides a broad range of coverage for financial losses due to specified perils.  Written on St. Paul Fire & Marine Insurance Company paper, the Financial Institution Bond with Extended Coverages has been designed to keep up with the ever evolving risks faced by managed care organizations and health Insurance companies and protects against such risks.  This policy can provide Employee Dishonesty including ERISA required coverage, On-Premises, In-Transit, Forgery or Alteration, Telefacsimile and Voice Instruction Transactions, Forgery and Alteration of Securities and Other Instruments, Counterfeit Currency, Trading Loss, and Computer Theft coverages, along with separate optional restoration costs sub--limits and claims and audit expense sub-limits.

Basic coverage includes Employee Dishonesty, On-Premises, In-Transit, Forgery and Alteration and Counterfeit Currency.  We recommend considerating of all the coverages listed above, including restoration costs of electronic information in the event of employee dishonesty or a computer theft, and the claims and audit expense sub-limits.  This will provide the best protection for your client in a package policy with common terms and conditions for ease of administration.

Download a copy of the Financial Institution Bond with Extended Coverages Highlights, Application or Specimen policy for more information.

 "Nothing stated herein affects the terms, conditions and coverages of any insurance policy or bond issued by any of the referenced insurers, nor does it imply that coverage does or does not exist for any particular claim or type of claim under any such policy or bond."

Coverage underwritten by Travelers Casualty and Surety Company of America and its property casualty affiliates, Hartford, CT 06183