Willis Towers Watson
What is it?
Cash & Valuables in Premises & Transit insurance provides cover against the risks of physical loss or damage from whatever cause arising (for example, theft, fire, theft by employees, mysterious or unexplained disappearance).

Specific items that are covered include:
– Cash & securities
– Gold & precious metals
– Safes, vault or tellers (at Insured's premises)
– Transits of cash/securities by banks using their own vehicles or staff
– Automated teller machines (ATM's) both on & off-site
– Customers' safety deposit boxes (SDB's)
– Brokers/Dealers for investor compensation insurance (such as SIPC & CIPF)

Typically, war and terrorism related incidents are not covered by this insurance; however, organisations can pay an additional premium to have these included in a policy.

This type of cover can work in conjunction with, or completely separately to, Bankers Blanket Bond insurance and in many cases offers additional cover that Banker's Blanket Bond insurance does not (for example, cash inside customers safety deposit boxes is covered here but not by Bankers
Blanket Bond).
Who should consider buying this insurance?
Any financial institution that has stocks of cash or valuables on their premises or in transit, or has a liability to their customers’ for their SBDs.
How do we add value?
– Much lower deductibles than Banker’s Blanket Bond (BBB) insurance and in    some cases the deductibles can be ‘nil'
– Banks that want to buy ‘standalone’ cover for customers’ SDBs on an ‘all-risks’    basis, rather than legal liability only which is the more limited coverage typically    given under a BBB insurance
– We can also cover customers cash inside SDBs (usually excluded under a    BBB insurance)
– We can provide cover for high ‘each and every loss’ limits up to USD 750m
– We currently have one of the largest portfolios of Central Bank
– We provide Premises & Transit cover, either ‘ground up’ or in excess of a BBB    insurance

Our Premises & Transit team specialise solely in this area of coverage and have experience of managing insurance solutions for over 100 banks as clients worldwide. This specialist knowledge means that our clients receive a tailored service meeting their specific needs.

There are a plethora of risk management solutions available to financial institutions and associated industries. Our experts can provide clear and concise explanations of these options and provide suitable recommendations.

We have a number of core initiatives which provide tangible value to our clients' risk management process including:

Richard is a Senior Vice President and Willis' Financial Services Practice Leader, based in New York. During his 25-year banking career, he has managed sales, trading and team structuring for some of the biggest financial institutions.

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