Travelers Launches Enhanced Insurance Company Bond Product
September 13 2006 - 11:00AM
Business Wire
Insurance companies have access to increased protection for
employee dishonesty fraud and other related losses under a
newly-enhanced product introduced today by Travelers. Travelers
SelectOne(SM) for Insurance Companies Financial Institution Bond
covers insurance companies for employee dishonesty and other types
of loss including computer crime, forgery or alteration of
securities and kidnap and extortion. "Employee dishonesty continues
to be a significant risk for insurance companies," said Walter
Grote, vice president, Financial Institutions. "This type of loss
can go undetected for many years and, unfortunately, by the time
it's discovered it could end up costing the company millions of
dollars," said Grote. "With the Insurance Companies Financial
Institution Bond, insurance companies can be confident they have
coverage designed for today's exposures." Some of the key
enhancements of the Travelers SelectOne(SM) for Insurance Companies
Financial Institution Bond product include the following: --
Expanded employee dishonesty coverage to include an option for
restoration costs protection when an employee maliciously destroys
electronic information; -- Expanded computer theft coverage to
include an option for restoration costs protection and enhanced
coverage for fraudulent entries made over the Internet; -- Expanded
kidnap and ransom coverage to include e-commerce extortion threats;
-- Forgery and alteration expanded to include fax and voice
instruction transactions; -- No charge for certain mid-term
acquisitions that are less than 25 percent of the consolidated
assets of the policyholder; and -- Enhanced discovery language. In
addition to Bond coverage, Travelers offers property and casualty
coverages, professional liability, directors and officers
liability, employment practices liability, fiduciary liability,
kidnap and ransom coverages, and surety and identity theft coverage
to insurance companies. Travelers SelectOne(SM) for Insurance
Companies Financial Institution Bond is an admitted product. It has
been filed in all 50 states and Washington, D.C., and Guam, Puerto
Rico, and the Virgin Islands. About Travelers Travelers understands
that life and business are inherently dynamic and that the best way
to serve agents and policyholders is to deliver insurance that
evolves to stay in-synch with life and business as they change. For
more information on being in-synch, visit www.travelers.com.
Travelers is a business of The St. Paul Travelers Companies, Inc.
(NYSE:STA), a leading property casualty insurer selling primarily
through independent agents and brokers. The company's diverse
business lines offer its global customers a wide range of coverage
in both the personal and commercial settings, including automobile,
homeowners, construction, small business, oil and gas, ocean
marine, financial and professional services, global technology and
public sector services. St. Paul Travelers is ranked 85 in the
Fortune 500, with 2005 revenues of $24.4 billion and total assets
of $113.2 billion. The company has approximately 32,000 employees.
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