Crime Coverage for Banks and Savings and Loans

Summary: The most widely written financial institution bond is the financial institution bond, standard form no. 24. This is the standard package of coverages necessary to cover the crime exposures of commercial banks. While a separate form (no. 22) was previously used to provide coverage for savings and loan institutions, the present version of form 24 is applicable to both types of financial institutions. The bond (policy) is used to provide fidelity, on premises, in transit, forgery or alteration, securities, and counterfeit currency coverages for financial institutions. This discussion reviews these coverages.