Банкеръ Weekly



On entering the insurance company Jupiter its new owners announced that one of the leading directions in its activity will be to offer combined insurance and bank products. Correspondingly, as of the end of 2002 Jupiter AD is offering on the market new special terms in addition to the general conditions for insurance of financial risks. The company covers the financial losses when the payment of leasing installments is suspended. The lessor's receivables are guaranteed in cases when a client of his owes installments he has not paid. The insurer requires that they should be specified in terms of type, size and maturity, in the repayment plan with the leasing contract. The initial installment should be paid in order to sign a police. If problems connected with the payment arise, the insurance company should be notified about that within 10 days after the maturity date. The insurance sum is specified accoridng to the payments due for the term of the contract from which the initial installment is deducetd.Jupiter has also launched the new insurance Bank Police. It offers complete coverage under six insurance clauses from which the client may choose. The product is in full compliance with Bankers Blanket Policy - Lloyds (the terms and rules of Lloyds' insurances). According to Raina Krasteva, Deputy Chairperson of the Management Board of Jupiter AD, the security of each bank, which is its client, is guaranteed through reinsurance at one of the top reinsurance giants, such as Swiss Re and Munich Re. The six clauses of this product are in fact insurance against various risks, connected with the credit institution's losses, inflicted by disloyal employees. She specified that this concerns the cases of unscrupulous or fraudulent deeds on the part of a bank official with a successfully accomplished intention for personal financial favour. It doesn't matter where these deeds have been carried out and if there are accomplicies (bank officials or other persons) or the employee has acted unaided. The second clause is called In the Premises. It concerns losses of property as a result of theft, robbery, fraud, attack, or its unexplainable disaapearance or damage. The During Transportation clause includes the risks of loss or damage of property during its transportation. It is obligatory for the transportation to be effected under the supervision of an offical from the bank and of a security company, which ahs provided armoured motor vehicles.If a certain bank wants to ensure against faked checks it should choose the Forged Checks insurance. It the financial institution has paid sums under forged bills of exchange, accepts, L/Cs, or orders concerning government securities, it will be compensated by teh insurer. The same holds true if financial losses have been inflicted due to fake certificates for deposits, L/Cs, receipts for drawing money, vouchers, or notes. And if the cerdit institution chooses the Dud Cuurency insurance, it will cover the cases when its has uninentionally received dud banknotes or coins, produced on the territory of Bulgaria. The last clause under the bank policies is Losses, inflicted to the Offices. It covers the losses or damages on furniture, installations and equipment (excluding the computers and peripheral devices). The insurer pays also for the damages of safety vaults resulting from burglary, robbery, vandalism, etc.It is important to know that in order to close an insurance under any of the six clauses the bank is obliged to work out respective regulations and instructions for its employees. An official of the bank should not control by himself a deal from the beginning to the end, and the use of keys, ciphers, codes, etc., should be watched by more than one person. Double control in dealing with all securities is necessary in order to use the insurance. Moreover, in addition to the independent external audit, the bank should conduct its internal audit at least once a year.The insurance of credits is also includes in the package of covered financial risks. It concerncs the required repayment installments under reelased bank credits. The compenssation covers the amount of the unpaid part of the principal and (or) the agreed interest.Jupiter has been offereing for quite a long time insurance of guarantees as wekk, but the new option in this sphere is connecetd with guarantees for customs liabilities. The company covers the bank's risk in effecting payment of a guarantee for ensuring customs liabilities under the Customs Act and the Regulations with it.Another orginal product, to be presented by Jupiter on the market, is Civil Liability for Caused Losses to Third Persons as a Result of Environmental Pollution. If a certain enterprise pollutes the environment, it can tranfer to the insurer its liabilities under lawsuits with citizens whose interests have been injured. In cases of harmful consequences - illness or infection due to piling wastes in a certain area - the expeses for the legal proceedings shall be undertaken by Jupiter after the court extends its ruling.

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