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Financial institutions have seen their exposure to various risks increase greatly in recent years. This trend stems from both the rapid growth of the banking sector and the increasing popularity of electronic payment systems 

AIG offers the following insurance programs for financial institutions:

  • Comprehensive insurance of banks
  • Insurance of bank risks
  • Insurance of electronic and computer crimes
  • Liability insurance for financial institutions
  • Insurance of directors and officers
  • Insurance cardholders
  • Collateral insurance
  • Property insurance for banks
  • Liability insurance

A bankers blanket bond (BBB) insurance  policy provides compensation to financial institutions for direct damages (actual damage) arising from wrongdoing by employees or third parties. The policy covers a set of the risks inherent in the activities of banks which in principle can also be insured separately.

An insurance contract covering electronic and computer crimes, i.e. crimes committed against banks and other financial institutions using their computer networks and electronic payment systems, is usually supplemental to a BBB policy. It provides very broad insurance protection from a diverse set of risks.

Liability insurance for financial institutions covers a financial institution’s losses arising out of its responsibility to indemnify its customers for carelessness, errors or omissions on the part of its employees, as well as the legal expenses of the insured on legal proceedings in connection with the respective claims of its customers. This policy is intended to protect the professional activities of a financial institution, i.e., activities involving, for example, the conduct of banking, trading, settlement and other financial transactions.

Liability insurance covering directors and officers of financial institutions is becoming increasingly common in Russia.  Such a contract covers the expenses of directors arising from claims against them for errors made by them or reimburses the company’s expenses (if it has reimbursed the directors for such costs).  This type of insurance is most appropriate for companies planning an IPO.

In addition to the types of insurance described above, AIG has developed an optimal program of collaboration with banks in respect of products designed to protect bank cards and goods paid for by bank cards. In addition, the company has a professional partner bank support system:  we conduct training sessions and organize training for employees of bank branches both at the stage when sales of insurance products is launched, and afterward in order to support sales.

When collaborating with banks in the area of collateral insurance, we accept the following items to be insured:

  • Property (buildings, rooms, offices), except for warehouses
  • Machinery and equipment
  • Inventory in stores (if their value does not exceed 20-30% of the amount insured)

When insuring collateral, we usually use an insurance system called Named Risks.

All Risk Property Insurance

All-risk corporate property insurance is the best way to protect property against a multitude of adverse events. The client is insured against any type of events, except for exclusions specified in the policy. The list of exclusions is governed by the insurance rules and the policy.

Business Interruption Insurance

Business interruption insurance is not sold as a standalone policy. It can be added to a property insurance policy. The main objective of coverage is to protect the financial stability of the client during the suspension of business operations resulting from any unforeseeable property damage.

CyberEdge Insurance

Cyber threats can have serious consequences. Risks range from loss of information on a single laptop to threats posed by cloud computing. Businesses may also face issues regarding denial of service or defacement and disruption to their web presence.

Directors and Officers Liability Insurance

AIG is the D&O market leader in Russia, having unrivalled experience in this field/ •Any breach of duties, mismanagement, negligence, omission, error, misstatement or misleading statement by the director or any officer. Coverage against: •Any actions performed by the director as part of his or her regularly assigned duties •Any duties performed by the director or any other officer while serving at an outside entity

Electronic & Computer Crime Insurance

The insurance policy offering protection against electronic and computer crime, i.e. crime committed against banks and other financial institutions through using their computer networks and payment systems

Liability for Environmental Pollution and Associated Damages

AIG offers a comprehensive insurance product that supports the insured’s property interests associated with injury to the environment and losses resulting from such pollution

Fire & Named Perils Insurance

Insurance of property owned by legal entities is a basic type of insurance. Nevertheless, long-time experience of AIG in property insurance makes us confident in our services and programs offered to clients with consideration for all details of their business and specifics of their assets.

Liability Insurance of Owners of Hazardous Facilities

Liability Insurance of Owners of Hazardous Facilities. AIG, JSC is a member of the National Union of Liability Insurers. AIG, JSC was granted a license for the provision of compulsory liability insurance to owners of hazardous facilities. Our underwriters are ready to consult on and assist in concluding compulsory liability insurance contracts

Professional Indemnity Insurance

Professional indemnity insurance is especially important for the companies providing contracting and consulting services in different areas, as it offers protection against financial losses that may result from lawful liability to a third party

Terrorism Insurance

AIG offers insurance of property against the risk of Terrorism. Our capacities allow underwriting insurance against the largest risks with the benefit of reinsurance on the international market. Besides traditional types of insurance, AIG offers special types of insurance in Russia such as against crisis situations. AIG CJSC offers terrorism insurance under a separate classification. AIG insures property against terrorism.

Bankers Blanket Bond

Due to its long-time operating experience in bankers blanket bond insurance (BBB), AIG can issue policies offering high liability limits and can guarantee competent settlement of insurance claim events

Crime Insurance

It can be hard to accept that your own staff might be stealing from you. Unfortunately, the truth is that it may be the most trusted and senior staff who have the knowledge to skirt round security and set up insidious, well-concealed fraud systems.

Damage to Machinery

The insurance covers internal damage of production and electronic machinery. Extra Expense coverage (clean-up and removal of debris after the insured event, the payment service provider of professional experts, limiting In/Out, etc.).

Directors Liability Insurance SME

Directors and Officers (D&O) insurance provides coverage to small and medium business leaders against claims made against its directors and officers as well as against the company in connection with financial losses alleged by: •Companies •Shareholders, employees •Other third parties (including competitors’ clients, etc.)

Employer's Liability Insurance

Employers liability insurance against damage suffered by employees. Employer’s liability insurance protects the property interests of the employer against claims of bodily injury, fatal illness or illness of employees as well as property damage to employees in the course of performing their duties under an employment

Financial Institutions Professional Liability Insurance

Financial Institutions Professional Indemnity Insurance provides protection against losses sustained by clients of a financial institution as a result of unintentional errors, omissions or negligence of its employees

General Liability Insurance

This type of insurance protects the insured’s property interests connected with its obligations arising due to infliction of harm to third parties

Loss Control Services

Fire, explosion and other perils such as water damage, windstorm and earthquake can cause serious property damage. These events pose a threat to structures, equipment, business continuity, and, most importantly, the lives of employees and the general public. Property site inspections by insurers are routinely conducted as part of insurance programs.

Professional Indemnity Insurance

Professional indemnity insurance is especially important for the companies providing contracting and consulting services in different areas, as it offers protection against financial losses that may result from lawful liability to a third party