Plastic Card Insurance


Plastic cards afford many criminal opportunities for defrauding the issuing company. This policy allows the issuing company to protect themselves against catastrophic losses in excess of normal working levels of fraud losses. The level at which this cover is activated is based on a figure pre-agreed by both the underwriter and the issuing company based upon historical data and anticipated usage.

What is covered?
The policy covers direct financial loss resulting from:
  • Counterfeit cards - cover against debts against the card issuer as a result of the use of a counterfeit card purporting to have been issued by the Insured and used by an unauthorised person to obtain cash, other monetary instruments or goods and services.
  • Lost or stolen cards and subsequent unauthorised use.
  • Employee dishonesty resulting in loss of money, securities and other property sustained by the card issuer.
  • Merchant fraud in the form of forgery or alteration of any written instrument that is part of the plastic card sales procedure resulting in losses to the Insured.
  • Court costs and legal expenses incurred defending any suit or legal proceedings brought against the card issuer in respect of a potential claim against the policy.
Depending upon the territory of the Card issuer there are a number of natural Affinity products that can form part of the plastic card issuers benefits to their customers, these can include:
  • Travel assistance programmes; including travel accident, travel medical expenses and repatriation, hospitalisation benefits, trip cancellation/abandonment, delayed journey benefits, lost or delayed baggage benefits, personal liability and legal expenses and hotel/motel burglary.
  • Car rental programmes; including, collision damage waiver, secondary personal effects, secondary emergency medical expenses.
  • Shopping assistance programmes; including, purchase protection, extended warranty, price protection.
  • Payment protection programmes
Back to Financial Institution Insurance
Copyright ©2006-2009 Edward Howard Insurance Services Ltd. • All Rights Reserved • email: info@ehis.co.uk • Public Disclaimer • Site design by Rob Neal Creative Media Ltd.
Edward Howard Insurance Services Ltd. is authorised and regulated by the Financial Services Authority. FSA Reference Number 306921 Registered in England. Company No. 3520697