Polish CSD KDPW and insurer Chartis Europe have signed a 100 million zloty insurance agreement to provide cover against operational risks of the core and auxiliary business of the CSD and its clearing house KDPW_CCP.
In particular, the insurance cover includes events of embezzlement of financial instruments and cash owned by KDPW and KDPW_CCP or other entities, held in accounts of KDPW and KDPW_CCP or in accounts of other entities maintained by KDPW and KDPW_CCP.
The coverage also includes any losses resulting from computer crime.
In addition, the insurance policy covers the risks of professional liability of financial institutions (interest or damages for default or inadequate performance of obligations by KDPW and KDPW_CCP).
(JDC)