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FIDELITY INSURANCE (TYPE OF POLICIES (FLOATING (AN EXTENSION OF COLLECTIVE…
FIDELITY INSURANCE
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TYPE OF POLICIES
COLLECTIVE
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INSURED DECIDE THE SPECIFIC AMOUNTS GUARANTEED FOR EACH NAMED OF INDIVIDUAL EMPLOYEES COVERED ACCORDING TO HIS OR HER RESPONSIBILITY &POSITION
FLOATING
AN EXTENSION OF COLLECTIVE POLICY WHERE THE SUM INSURED IS SPECIFIC FOR THE WHOLE GROUP RATHER THAN FOR EACH INDIVIDUAL
THE SUM INSURED IS REDUCED AS EACH CLAIM IS MADE AND AN EXTRA PREMIUM IS NEEDED TO REINSTATE THE COVER
THE NAMES OF GROUP MEMBERS ALONG WITH THEIR POSITION IS ATTACHED AS SCHEDULE TO THE POLICY AND THE NUMBER OF PERSONS TO BE GUARANTEED IS NOT LESS THAN 5 (ETIQA INSURANCE)
FOR EXAMPLE : THE INSURED DOES NOT STATED THE NAME, POSITION OF THE EMPLOYEES.THE INSURED WANTS THE SUM INSURED ALWAYS UP TO DATE THAT'S WHY IT NEED THE REINSTATEMENT (HAVE LIMITATION OF SUM INSURED VALUE)
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BLANKET
COVERS ALL EMPLOYEES WITHOUT SHOW THE NAMES OF GUARANTED PERSON IRRESPECTIVE OF POSITIONS HELD AND AN INDEMNITY UP TO STATED AMOUNT
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