This type of insurance as well as BBB was developed abroad and is only starting being used in Russia. Statistics shows losses under this type of insurance are frequent, with losses from one plastic card amounting up to 20 thousand dollars. The aggregate amount of losses depends on the extent of the bank’s plastic card program.
Plastic card emission and circulation risks:
Crimes are deliberate actions undertaken against a bank or a processing company, committed by an outsider or a member of the bank or processing company.
Errors are accidental mistakes of employees, hardware or software failures, communication channel failures, etc. Bank mistakes committed in the course of plastic card operations can be insured under the financial institutions professional insurance (FIPI).
Force-majeure risks are fires, accidents, natural disasters, etc. The aggregate loss in such an event can be very significant.
Insurable risks covered by the policy:
Outsider fraud implies losses associated with unauthorized cash debiting from accounts using false cards or illegal use of lost cards in cases when such losses under the payment system regulations apply to the bank.
Ingosstrakh compensates for emitters’ losses caused by:
receipt of cash, travel checks, bonds, money transfers or other payment documents in an emitter or any other bank upon the authorized confirmation by the emitter;
cash receipt in emitter’s ATMs or those operating under the system of which the emitter is a member;
purchase of products using illegally emitted, changed, lost or stolen plastic cards;
compensation of court and other legal services costs incurred by the Insured person in the indicated insurance events.
Sum insured:
the plastic card emitter insurance stipulates two insurance sums: a limit sum for fraudulent actions with one plastic card (usually up to 20 – 25 thousand dollars) and a limit sum for all cases of fraud that can take place during a year (usually a few hundred thousand dollars).
Objects of insurance:
facilities and equipment;
databases and information;
loss of revenue as a result of interrupted trade operations;
additional costs associated with the renewal of interrupted activities.
Other options:
Ingosstrakh has developed special insurance programs for plastic card owners covering life and health insurance, medical insurance, baggage delay insurance, insurance of delays during foreign trips in the event of trip and ticket booking by card.
Insurance premium:
depends on such parameters as the scope of bank operations with plastic cards, the number of emitted cards in circulation, loss record, etc.
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