Travelers Introduces New Financial Institutions Bond for Asset Managers
04 Janeiro 2024 - 11:00AM
Business Wire
Simplified base form includes previous
endorsements and offers expanded coverage
The Travelers Companies, Inc. (NYSE: TRV) today announced that
it is now offering a new financial institutions bond specifically
for asset managers. The product will help protect asset managers
against financial loss caused by employee theft or third-party
criminal activity and also includes coverage for social engineering
fraud, a scheme where an employee is deceived into transferring
funds to an illegitimate account.
“We know asset managers play a pivotal role in the financial
ecosystem, and this new best-in-class bond is tailored to meet
their unique needs,” said Tracey Santor, Assistant Vice President
and Financial Institution Bond Product Manager at Travelers. “We’ve
taken the original bond, expanded the coverage, and simplified and
streamlined the parts that don’t pertain to asset managers. It’s a
significant improvement that will make things easier for asset
managers, as well as the agents and brokers who work with them to
secure appropriate coverage.”
The current bond provides insurance protection to asset firms
and professionals for a variety of financial losses, including
theft, forgery and specified fraudulent account activity. The new
version from Travelers builds nearly 30 endorsements into the
standard form and expands the definition of who is an employee, as
well as who is an insured, so that it will now include
subsidiaries, private funds and special purpose investment
vehicles.
The new bond is easier to read and doesn’t require verification
for fraudulent instruction coverage. More days are also available
to policyholders when they are required to report claim activity:
60 days instead of 30 days to send written notice of a loss after
discovery; 90 days instead of 30 days for notice of any legal
proceeding involving an insured’s liability for damages; and 90
days instead of 30 days to provide proof of loss after adjudication
or settlement.
Pending state approval, the new bond will be available starting
Jan. 1, 2024, for new customers and April 1, 2024, for existing
customers up for renewal.
About Travelers The Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto, home
and business. A component of the Dow Jones Industrial Average,
Travelers has more than 30,000 employees and generated revenues of
approximately $37 billion in 2022. For more information, visit
Travelers.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240104289555/en/
Media: Michael Whitmer, 860-277-2010
mwhitmer@travelers.com
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