Minn. Travelers Introduces Insurance Company Bond Product

Minn.-based Travelers Insurance is offering increased protection for employee dishonesty fraud and other related losses under a newly-enhanced product recently introduced by the company.

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, a company release said.

“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.

Travelers is a business of The St. Paul Travelers Companies, Inc., a property casualty insurer selling primarily through independent agents and brokers. The company’s business lines offer its global customers 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 listing.

Source: Travelers