Page 367 - Misc Ebook IC 78

Miscellaneous Insurance

from the claim amount itself, while settling the claim.
The policy is usually valid for a year commencing
as per the financial year of the insured bank.

Exclusions - There are several exclusions in
banker's blanket insurance ,they are as follows :

(i) Losses of any money or securities due to wrongful
act or default of any non salaried directors or
partners.

(ii) Losses of any properties or securities or personal
property confined to the care of the insured, the
nominal value and descriptions of which have not
been ascertained by the insured before the loss.

(iii) Trading losses, whether or not within the knowledge
of the insured, notwithstanding any act or omission
on the part of the employee whether within the
scope of authority or not.

(iv) Losses caused by war and allied risks.

(v) Losses attributable to faulty computer programming
or fraudulent use of computer programme or any
EDP system.

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