The main purpose of the BBB policy is to provide blanket protection to a financial institution against losses resulting from its employees’ dishonest or fraudulent acts (performed individually or in collusion with other persons) and from third parties’ acts committed with the intent to obtain a financial gain or cause damage.
The object of insurance are property interests that do not contravene the laws of the Russian Federation and are exposed to risks involving loss of profit (incidental expenses), which a financial institution may encounter due to dishonesty of its employees, forgery and other fraudulent alterations in documents further used in unlawful actions, or may be exposed to the risk of loss or damage of/to the property of the institution or third parties during their banking operations.
Among its clients AIG has some of the largest Russian banks and other financial institutions. AIG has gained extensive experience in bankers blanket bond insurance, successfully servicing banks and other financial institutions throughout Russia.