Providing specialized programs and risk management services to financial institutions is a long-standing strength of C. L. Frates. Our Financial Services team provides a wide range of unique and effective insurance products to a variety of financial institutions including:

• Commercial Banks
• Savings Banks
• Trust Companies
• Mortgage Companies
• Non-bank Credit Card Processors (ISOs and MSPs)

Specialized coverages for financial institutions include:

• Financial Institution Bond
• Directors and Officers Liability Policy
• Trust Errors and Omissions Policy
• Internet Liability Policy
• Credit/Debit Card Issuers Policy
• Merchant Fraud Indemnity Policy
• Web Merchant Guard Policy
• Identity Theft Policy

Unique State-of-the Art Protection for Bank Cards

BankCard Program

Plastic Card Fraud Coverages

What is it?

Plastic Card Fraud Coverages are insurance policies for Financial Institutions and privately held firms that either issue ATM, Debit or Credit Cards or provide Merchant Deposit Services.

Policies available for purchase:

• Bank Card Protector Policy (click here for product overview)
• Merchant Fraud Indemnity Policy (click here for product overview)
• Corporate Identity Protection  (click here for product overview)

Who needs it?

Financial Institutions that issue Bank Cards and accept liability for fraudulent card transactions. This includes all Financial Institutions that issue ATM and Debit Cards.  Financial Institutions and privately held firms (Credit Card Processors) that accept merchant’s Visa and MasterCard deposits and accept liability for fraudulent charges.

What's special about it?

• Bank Card and Merchant Indemnity Policies provide comprehensive insurance solutions specifically designed for the unique characteristics of Bank Card Processing.
• Protects Insureds from complex fraud schemes such as “skimming”, “phishing” or “factoring”. Insureds can not only survive, but thrive despite worldwide complex fraud threats that expose them to substantial losses.
• While Corporate Identity Protection is offered to businesses in the credit card industry, it is also offered to any business that stores data.

These insurance solutions are customized to meet insured's needs and are flexible and affordable. Examples of this include:

• Per card deductibles under the Bank Card Protector Policy or varying deductibles under the Merchant Indemnity Policy.
• Profit sharing endorsement available for Merchant Indemnity Policy.
• Higher limits available upon request

What else?

• Typical premium range for a Bank Card Protector is $160.00 per $1,000,000 of annual card transactions while merchant acquirers can range from $80.00 to $900.00 per $1,000,000 of annual merchant sales.
• 10% Commission.
• Risk management services are available for all program participants
• Ongoing customer support

Advantages for agents

• Great cross-sell opportunity.
• Stand Alone Policies.
• No Adverse Experience in Crime Policies.
• Best Rated A Carrier.
• All marketing conducted by a limited franchise of “third party” agents and brokers.
• Available in all 50 states on a non-admitted basis.
• Quick Response Time (3-5 days)