Banks and Financial Institutions
Fraudulent and dishonest acts often develop, concealed for years, and can give rise to very significant claims when eventually discovered. This very specialised area typically involves Bankers Blanket Bond (BBB) policies providing cover for losses caused by theft, employee dishonesty and electronic fraud. The inherent complexity of the accounting analysis is coupled with the intricacies of the human dimension of the fraud in question, more often than not involving more than one isolated individual.
Advanta personnel have experience in dealing with major BBB claims worldwide and have learned to identify the relevant issues in this highly sensitive and confidential environment.
In managing larger claims of this kind, Advanta would typically work with solicitors and accountants. Our investigation involves a meticulous review of the document trail and an analysis of paramount aspects such as the circumstances and date of discovery or the timing and methodology of the fraudulent act. These must be examined in conjunction with the coverage afforded by the specific policy.