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FIDELITY GUARANTEE INSURANCE (CONDITIONS (interpretation, claims,…
FIDELITY GUARANTEE INSURANCE
DEFINITION
Indemnifies employer against any direct loss of pecuniary that may sustain through dishonesty of employee
such acts include:
forgery
embezzlement
defalcation
fraudulent
conversion
SCOPE OF COVER
Cover well established organization
organization or firms with proper accounting procedures
organization full annual audit
organization that have effective systems of check and supervision
TYPE OF POLICIES
Individual
individual persons named in the policy for a stated amount
position
named position without names of employees being indicated
sum insured is specific amount corresponding to the posotion
subject to an aggregate limit per period of insurance
collective
cover a group of employees
insured decide the specified amounts guaranteed for each named of individual employee covered
according to his/her responsibility and position
floating
the sum insured is specified for whole group
sum insured is reduced as each claim is made
extra premium is needed to reinstate the cover
blanket
cover all employee without shows name of guarantee person irrespective of position held
Sum insured is fixed for anyone loss
FEATURES OF COVER
cover the insured's pecuniary loss or goods belonging to the insured due to the act of fraud or dishonesty committed by employees:
during the period of insurance stated in schedule
during uninterrupted continuance of employment of such employee
in connection with occupation and duties of such employee
EXCLUDED PERIL
Source of loss that stated in the policy and not be covered
EXCLUSIONS
any indirect and consequential loss
any third party losses
stock taking or inventory losses
war and related risk
any act of terrorism
CONDITIONS
interpretation
claims
cancellation
terms
period of insurance
duty of disclosure