The Insurance Association for London and Overseas Banks (IALOB) was formed in November 1981 as an unincorporated club. Initially focusing on the banking industry within the City of London, its membership has now widened to include the legal profession, securities houses and insurers from all over the UK.

The main objective is to secure high quality and cost effective cover for all members, irrespective of size. This is achieved as IALOB members are drawn from the best risk categories.

Key elements to the IALOB scheme are:

• Cost savings for members through bulk buying
• Better benefits, and cover levels, than would be available to members individually
• No cross subsidy between members
• Informed, professional advice from the appointed advisers

Lark provides the general insurance services to IALOB members. Apart from traditional insurance broking, Lark provides members with advice and guidance on Health & Safety issues, Risk Management procedures and Business Continuity plans, as well as ensuring that all members are kept abreast of relevant legislative and regulatory issues.

The preferential Office Combined policy includes the following benefits:

• All risks of physical loss or damage, including unrestricted theft
• Declaration linked business interruption, including denial of access and failure of telecommunications & public utilities
• Employers, public and product liability
• Money, personal accident and assault cover
• Specific computer wording

Other covers available include:

• Full terrorism
• Personal accident and travel
• Motor

Bankers Blanket Bond
The six independent sections of the product can be purchased either as separate tiers with a limit per section, or as a single aggregate limit across multiple sections.

• Infidelity of employees
• Fraud by third parties
• Physical loss or damage to valuable property
• Professional indemnity
• Pension fund trustee liability
• Directors & Officers liability

Employment Practices Liability (EPL)
As an employer, you are exposed to liabilities arising out of your responsibilities to your employees. The EPL insurance product for IALOB provides a wide scope of cover including the following:

• Entity coverage
• Broad definition of insured (the company, subsidiaries, partners, directors, senior management and employees)
• Cover for third party actions
• Punitive damages cover
• Worldwide geographical limits
• Automatic cover for acquired subsidiaries (up to 10% of total employee numbers)