In 2005, ISO introduced the Financial Institutions Program for the coverage needs of financial institutions. The program initially targeted banks and savings institutions. A variety of forms was added later, addressing the needs of other entities including credit unions, securities brokers, mortgage bankers and others. The program is being rewritten structuring coverage as a Bond to reflect the traditional identity of these forms as found in federal and state regulations. New coverages are being added as well, and existing coverages are being updated. This new form, Financial Institution Bond – Banks and Savings Institutions FI 00 60 12 19 replaces the Financial Institution Crime Policy for Banks and Savings Institutions. Because of the extensive rewriting, we will simply analyze the new form in its entirety. Due to the length of the form it will be discussed in separate sections. Here we will review the definitions as there are 46 defined terms.
Definitions
Definitions are key to understanding any policy language. Since this is a new program with many definitions, we will discuss the terms first even though they appear at the end of the policy.
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Christine G. Barlow, CPCU
Christine G. Barlow, CPCU, is Executive Editor of FC&S Expert Coverage Interpretation, a division of National Underwriter Company and ALM. Christine has over thirty years’ experience in the insurance industry, beginning as a claims adjuster then working as an underwriter and underwriting supervisor handling personal lines. Christine regularly presents and moderates webinars on a variety of topics and is an experienced presenter.