Insurance against Financial Consequences of Operational Risk
The Central Securities Depository of Poland (KDPW) has extended an insurance contract with AIG Europe Limited with a sum insured of PLN 100 million. The contract valid until 30 June 2017 insures KDPW S.A. and KDPW_CCP S.A. against operational risk of the activity of both companies.
The insurance cover extends to events of embezzlement of financial instruments and cash held by KDPW and KDPW_CCP or other entities, kept in the accounts of KDPW and KDPW_CCP and in the accounts of other entities operated by KDPW and KDPW_CCP.
The insurance cover also extends to potential losses caused by computer crime, as well as risks of professional liability of financial institutions such as interest or damages for non-performance, delayed or undue performance of obligations by KDPW and KDPW_CCP.
Insurance against financial consequences of operational risk improves the security of business operations and is part of risk management within KDPW and KDPW_CCP. The KDPW Group companies have had an insurance cover of such scope continuously since 1 July 2009.