ISO issues crime policy program for banks.(Loss/Risk Management Notes)(Insurance Services Office)

Best's Review, April, 2005 by Green, Meg

Insurance Services Office has introduced a new insurance program to protect financial institutions from employee dishonesty, forgery, computer crime, kidnap and ransom, and safe-deposit liability, enhancing its offering of fidelity and crime products. The Financial Institutions Program includes policy forms and endorsements, underwriting rules, loss costs or projections of future claims and an experience and schedule rating plan.

It is primarily designed for banks and savings institutions, but some policy forms can be written for any financial institution. ISO has filed the program, which takes effect June 1, for regulatory approval in all U.S. jurisdictions.