Safeweb Remote Banking Insurance
SafeWeb® Remote Banking Insurance is available to financial institutions that offer customers on-line remote banking services. SafeWeb provides insurance for individual bank customers that are utilizing bank-from-home computer services, commonly known as PC, internet, home or remote banking services. The SafeWeb policy insures such customers against unauthorized transactions in their accounts that occur through remote banking systems. Under applicable banking regulations, home banking customers can be personally liable in certain circumstances for loss arising from unauthorized transactions in their accounts. The SafeWeb policy can be written on a master policy holder basis with coverage applying to the home banking customers of a specified financial institution.
Product Features
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Promotes the medium of PC banking by specifically addressing the main roadblock to widespread use of e-commerce: security concerns.
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A per-loss limit of liability applying separately to each insured PC banking customer.
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Blanket coverage is available for a bank's entire customer base of home bankers.
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Worldwide coverage (important because a hacker can be anywhere).
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"Loss" includes not only loss of the customer's money via hacker intrusion, but also these other expenses that may result from a covered unauthorized transaction:
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Overdraft and merchant-assessed returned check fees incurred by the customer as a result of insufficient funds, and
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Loss of interest income in the customer's account.
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Policy wording designed to follow applicable banking regulations and terminology.
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Optional expense reimbursement coverage available to pay for costs incurred by the financial institution to hire computer programmers to identify and correct the cause of loss.
Target Market
Any U.S. financial institution that offers online banking services to individual customers.
Travelers Casualty and Surety Company of America and its property casualty affiliates.
One Tower Square Hartford, CT 06183
This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this document can depend on underwriting qualifications and state regulations.
Claim Services
Our claim professionals are equipped with the expertise needed to handle management liability and surety claims.
Resources
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Innovative Risk Management
Included with Travelers’ coverage, is access to our web-based loss control program, Risk Management PLUS+ Online®.
