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FIDELITY GUARANTEE INSURANCE (EXCLUDED PERILS (1.stock taking or inventory…
FIDELITY GUARANTEE INSURANCE
DEFINITION
this policy indemnifies you s an employee against any direct loss of pecuniary that you may sustain through act(s)of dishonesty by your employees.
SCOPE OF COVER
1.INDIVIDUAL POLICY (covers individual person names in the policy)
2.POSITION POLICY ( covers named position without names of employees being indicated
3.COLLECTIVE POLICY (insureds decides specific amount of guarantees for each named of individuals employee covered)
4.FLOATING POLICY ( where the sum insured is specified for the whole group rather than for each individual )
BLANKET POLICY ( covers all employees without show the names of guaranteed person)
FEATURES OF COVERS
covers the pecuniary loss or goods belonging to the insured due to act of fraud or dishonesty committed by his/her employees.
during the period of insurance stated in the schedule
during the uninterrupted continuance of employment of such employee
connection with occupational duties of such employees
EXCLUDED PERILS
1.stock taking or inventory loss
2.any third party losses
3.errors in book keeping
4.blackmailing ,extortion
war and related risk
6.radioactive and nuclear energy risk
7.any act of terrorism
CONDITIONS
1.INTERPRETATION
2.CLAIMS
3.CANCELLATION
4.TERMS
5.PERIOD OF INSURANCE
6.DUTY OF DISCLOSURE