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FIDELITY GUARANTEE INSURANCE (EXCLUSIONS (To any employee who had prior…
FIDELITY GUARANTEE INSURANCE
SCOPE OF COVER
This policy indemnifies you as an employer against any direct loss of pecuniary that you may sustain through acts of dishonesty by your employees
Such acts include
forgery
embezzlement
defalcation
fraudulent conversion
TYPE OF POLICIES
INDIVIDUAL
Covers individual persons named in the policy for a stated amount
POSITION
Covers named position without names of employees being indicated
The sum insured is a specific amount corresponding to the position and subject to an aggregate limit per period of insurance
COLLECTIVE
This policy covers a group of employees
The insured decides specified amount guaranteed for each named of individual employee covered according to his responsibility and position
A schedule is included in the Policy
FLOATING
An extension of Collective Policy where the sum insured is specified 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
BLANKET
Covers all employees without show the names of guaranteed person irrespective of positions held and an indemnity up to stated amount in respect of acts of one or more employees.
The sum insured is fixed for anyone loss and in the period of insurance
FEATURES OF COVER
During the period of insurance stated in the Schedule
During uninterrupted continuance of employment of such employee
In connection with Occupation and Duties of such Employee
EXCLUSIONS
To any employee who had prior convictions of any fraudulent or dishonest act/under investigation on such a charge
Errors in book keeping/losses discovered during stocktaking
Espionage, blackmailing, extortion, libel &similar risk
Loss arising out of any activities/business conducted/transacted via internet, intranet, extra-net and/via the insured's own website, internet site, web address and/via the transmission of electronic mail/documents by electronic menas
Any indirect & consequential loss
Any third party losses
Stock taking/inventory losses
War & related risk
Radioactive &nuclear energy risks
Any act of terrorism
CONDITIONS
Interpretation
Claims
Cancellation
Terms
Period of insurance
Duty of disclosure