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FIDELITY GUARANTEE INSURANCE (Exclusion (Any indirect and consequential…
FIDELITY GUARANTEE INSURANCE
Definition
This policy indemnifies you as an employer against any direct loss of pecuniary that you may sustain through act(s) of dishonesty by your employees
It covers well established organisations, i.e, organisations or firms with proper accounting procedures, full annual audit and effective systems of check and supervision
.
Individual policy
Covers individual persons named in the policy for a stated amount
Position policy
Covers named position without names of employees being indicated
Collective policy
Covers a group of employees
Floating policy
The names of the group members along with their position and the number of persons to be guaranteed is not less than 5
Blanket policy
Covers all employees without show the names of guaranteed person
Exclusion
Any indirect and consequential loss
Any third party losses
Stock taking or inventory losses
War and related risk
Radioactive and nuclear energy risks
Any act of terrorism
Conditions
Interpretation
Claims
Cancellation
Terms
Period of insurance
Duty of disclosure
What should have in a policy
Preamble part
Body part
Closing part
Such acts include
Forgery
Embezzlement
Defalcation
Fraudulent
Conversion