Every financial institution is exposed to the risk of criminal activity, both from within its own organization and from outside. Losses can have a devastating impact on a financial institution's balance sheet. Banks belong to the most secured institutions in the world. The operational risks of banks are high. During the day to day workings something can go wrong in different places, because of a bad faith client, a fraudulent employee, someone neglecting his the duty of care or simply by giving incorrect advice. You want to protect yourself as good as possible against these risks. Due to the developments like Basel I and Corporate Governance, the Banks are aware of the different risk they are exposed to like no other. Banker’s blanket bond is an insurance policy that provides coverage against the direct financial loss from forgery, cyber fraud, physical loss of or alteration to property and employee dishonesty. At Sky International Insurance we specialize in offering financial institutions high levels of insurance protection against the effects of potentially catastrophic criminal loss; specifically for the risks of Employee Dishonesty, Forgery, Cyber Liability and Computer Crime.

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The Bankers Blanket Bond product consists of a number of sections known as Insuring Clauses. Each clause offers protection to a financial institution against a clearly defined risk of financial loss. A financial institution may have a Bond in which all Insuring Clauses are included or may select only those that are relevant to its business. Sky International Insurance has extensive experience in tailoring such coverage to meet the exact needs of clients. Insuring clauses are as follows::

  • Infidelity of employees
  • Loss (of money and other valuables) whilst in transit
  • Forgery or fraudulent alteration of checks, bills, drafts, money orders etc.
  • Losses incurred by the insured in the ordinary course of business whilst dealing with securities such share certificates, stocks, bonds, debentures, promissory notes, deeds, mortgages, certificates of deposits, letters of credits etc.
  • Loss incurred by the insured due to receipt in good faith of any counterfeited or altered paper currency
  • Loss or damage to ATM’s and cash in the ATM’s
  • Loss of or damage to offices and contents, which includes but is not limited to furnishings, fixtures, equipment, stationary etc.
  • Loss of property on premises