Bank Card Insurance

Plastic Card Fraud Coverages

Unique State-of-the Art Protection for Bank Cards

Policies available for purchase:

• Bank Card Protector Policy
• Merchant Fraud Indemnity Policy
• Corporate Identity Protection

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.  

Alert: Large Data Breach Costs Millions
200,000,000 cards may have been breached!!

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.
• Compromised Card Extra Expense Coverage
• 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).