According to the company sources, the policy pays for intentional, unintentional and/or passive infidelities. If you are caught or accused of cheating on your spouse, you will receive your own personal press release containing 25 categorical denials of your wrongdoing; five hair-splitting definitions of the term, infidelity; a list of the accuser's vices addressed to his/her employer, friends and clergyman; and a blanket apology and atonement provision for any unintentional harm caused to family and/or friends.

Upon submission of proof of a spouse's infidelity, the insured willreceive the following items: A really nasty letter addressed to the cheating party, peppered throughout with lots of name-calling and righteous indignation; a list of really good divorce lawyers; an inspirational, `Keep Your Chin Up' note from Hillary Rodham Clinton and bi-partisan corroboration by 10 registered Democrats and Republicans, says a company source. The $2 policy runs for the term of the marriage.

CompuBank to insure against unauthorised banking

Compubank has become the first virtual national bank to offer its customers insurance protection for unauthorised transactions from their accounts. The protection is provided by a programme known as SafeWeb Remote Banking Insurance offered by Travelers Bond, a unit of Travelers Property Casualty.

Under the programme, coverage automatically applies to every customer's CompuBank account with no direct charge. By offering this policy, CompuBank has differentiated itself from competitors who may not go that extra mile to protect and reassurecustomers. In addition to receiving SafeWeb protection, each CompuBank customer is insured by the Federal Deposit Insurance Corporation (FDIC), says Insurance Today.

Online transactions are only accepted through secure Internet sessions and customers are given their own personal user ID and password to access their account. Under Federal banking regulations, the extent of the customer's liability for an unauthorised transaction is determined by his promptness in reporting a loss after it appears in a monthly statement. SafeWeb provides protection for losses arising from circumstances where the Internet banking customer would normally be liable for an unauthorised transaction.

Saudi banks to enter insurance market

Following the decision of the Saudi Arabian Monetary Agency to allow banks to extend their operations in the insurance market, Saudi banks have drawn up plans to introduce a variety of insurance schemes by December 1998. To be termed the Bankers Assurance Scheme, the new service willenable Saudis as well as expatriates to get insurance for themselves and their children through insurance policies extending for a period of 20 to 25 years, reports Insurance Today.

The policies will cover accidents, deaths and diseases as well as education of children and pensions. Sources say this will be a major step towards legalising insurance services in the country, where there are no private insurance companies at present. When contacted, Saudi banks were reluctant to provide details of the scheme. However, it is understood that Saudi banks have signed agreements with international insurance companies to offer insurance services.

Cover for E-commerce

Reports suggest that insurance broker Sedgwick Group plc. and IBM are jointly developing a comprehensive insurance cover for companies engaged in electronic commerce. The cover is being designed to help companies control security breaches, reduce related risks and address stability concerns.

Annuity to be sold online

US lifeinsurer, Lincoln National Corp., will offer consumers a new variable annuity completely online. Christened eAnnuity, this product offers tax deferral, extended income and top fund managers at a cost in line with no-load mutual funds. eAnnuity will go directly to the consumer through an online transaction process rather than traditional channels of agents and brokers. This is expected to substantially reduce brokerage and administrative costs.