The Need

The introduction of stringent corporate governance requirements stipulated in the new Companies Act and King III report, and increased consumer awareness due to the Consumer Protection Act, has highlighted the need for financial institution insurance that is backed by strong and stable security, to manage and mitigate a multitude of risk exposures daily. 

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The Solution

Risk management is essential to the survival of financial institutions and entails the mitigation thereof through the implementation of risk controls and the purchase of Camargue’s Financial Institution Liability insurance. Although most financial institutions purchase this type of coverage, there are many which, due to their size and activities, do not feel they have the exposure to such potentially severe losses and purchase only the minimum cover prescribed by the Financial Services Board.  

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The Cover

Financial Institutions Bond

This policy wording, historically known as Bankers Blanket Bond coverage, is tailor-made to suit the requirements of financial institutions:

• Bankers Blanket Bond provides indemnity against financial loss which may occur during the course of normal trading operations
• Electronic and Computer Crime covers financial losses sustained by the Insured which result from electronic and computer crime risks perpetrated by third-parties
• Professional Indemnity indemnifies the insured against legal liability to third-parties for financial loss caused by a negligent act, error or omission, committed in the course of providing financial services

Dependent on the nature of the insured’s business activities, and FSB insurance regulations, the insured may opt to purchase standalone PI or FG cover only.

Directors & Officers

Cover is provided for:

• Any Wrongful Act including actual or alleged breach of contract, breach of duty, trust, act, error, neglect, omission, misstatement, misleading statement, breach of warranty or authority
• Cover for the company where the company reimburses the Directors and Officers
• Securities claims which can have a significant effect on the bottom-line of the company, particularly publicly traded companies, are also covered

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Risk Management Services

Camargue’s unique M³ approach to insurance is geared towards managing, mitigating and migrating critical business risks – an outcome achieved through the provision of value-added risk benefits to policyholders. Notwithstanding the coverage provided in terms of the policy, the additional risk management benefits further enhance the Camargue product offering and go way beyond simple insurance.  The overall result is a well-rounded and complete solution to the risks faced by financial institutions.

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Risk Management Services included in the Policy cover:

• Private Arbitration Services   
  Offered through TOKISO Dispute Settlement – this service works towards fast, equitable resolution of disputes between the insured and their clients. As far as possible court proceedings are avoided saving time, money and more importantly reputation.
• Bank account verification for large payments  
• Crisis Communication 
  Skilled support in managing public relations crises and avoid online media disasters
• IOD Membership 
  To assist Executive Directors in keeping abreast with the developments in the corporate governance arena, sponsored affiliated membership of the Institute of Directors Southern Africa is offered to the insured.
• A comprehensive industry specific CPA workshop
• A commercial law help-line dedicated to CPA and other spheres of litigation
• CPA workshops for sales and customer service staff
• Cyber Vulnerability Scan (CVS) - A vulnerability scan is an inspection of the potential weaknesses in the security of a computer network. The CVS only requires the details of your externally facing internet protocol (“IP”) addresses, in order to examine for known vulnerabilities. Therefore it sees only what an outside intruder would see (like your locks, alarm and motion detectors) and tests the perimeter security – with no work required by you. Download our CVS Brochure here.

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Important Documents:

Important Notice:

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