AlexBank negotiating insurers for banker’s blanket bond policy

AlexBank, a member of Italian bank Intesa Sanpaolo, is speaking to insurers in Egypt about plans to launch its banker’s blanket bond (BBB) policy, a source with knowledge said on Monday.

The anticipated BBB policy is with an annual sum insured of around 200 million Egyptian pounds ($11.1 million), the source told Amwal Al Ghad.

The policy will provide AlexBank a blanket cover for losses arising from dishonesty by an employee or of money whilst in transit, in addition to losses or damages of property on premises, the source said.

It also includes insurance cover for moral and physical hazards arising from fraudulent alteration of checks, receipt in good faith of any counterfeited or altered paper currency, and loss or damage to offices and contents, he said.