Safe Deposit Rider

The Safe Deposit Rider is comprised of two Insuring Agreements, which may be purchased separately or jointly. Insuring Agreement A - Liability of Depository covers losses the financial institution becomes legally obligated to pay for loss of customer’s property and includes defense costs. Insuring Agreement B - Loss of Customers’ Property covers the loss, damage or destruction of customers’ property by burglary or robbery. 

Sample Rider
Coverage Summaries of Bond Riders

Claims Examples
  • A bank employee allows access to a safe deposit box to an unauthorized individual, who steals the customer’s property. The customer sues the bank to recover the value of the lost items. The bank’s legal defense costs are covered, as well as the resulting liability to the customer, up to the limit of liability.

  • A bank is burglarized over a weekend. The safe deposit boxes are drilled and all of the contents removed. Agreement B would cover the contents of the safe deposit boxes. Currency and coins would not be covered unless Agreement B was purchased “with Money.”

Features
  • Coverage for both agreements extends to self-storage boxes outside of a vault at a higher deductible.
  • Coverage may be purchased “with Money” or “without Money.”
  • There is no duty to defend. Alternatively, this coverage may be purchased on a “duty to defend” basis under the Combination Safe Depository Policy.

Notwithstanding any language to the contrary, nothing contained herein constitutes nor is intended to constitute an offer, inducement, promise, or contract of any kind. All coverage descriptions and claims examples are provided for informational and educational purposes only and are not a representation as to coverage for any particular claim and are not represented to be error free. Coverage for any claim is determined upon the specific facts of the claim, the terms and conditions of the policy and applicable law. For details on the coverage provided by your specific contract of insurance, please refer to your policy. Coverage is subject to underwriting guidelines and may not be available in all states. Limits may be capped for underwriting reasons. Any links to any sites which are not originated by ABA Insurance Services Inc. (ABAIS) are provided only as a courtesy and are not intended to nor do they constitute an endorsement by ABAIS of the linked materials.