Kansas Bankers Surety (KBS) who specialized in the writing of financial institution bonds for banks has announced that they are withdrawing from bank insurance sales effective June 1, 2016.
With their withdrawal, many banks will need to find a new surety market for their bankers blanket bond. Goldleaf Surety works with several surety companies who are excellent markets for this bond.
The bankers blanket bond is fidelity coverage that offers protection to financial institutions for risks that are associated with the handling of large sums of cash and securities. Typically covered are losses which may be caused by:
- Employee dishonesty
- Forgery or alteration
- Computer fraud
- Funds transfer fraud
- Kidnap, ransom, or extortion
- Various money and securities fraud
Unlike deposit insurance which protects the actual depositor, the blanket bond protects the institution itself.
If you would like more information on bankers blanket bonds or need assistance replacing this coverage for your client, Goldleaf Surety can assist.