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fidelity guarantee insurance (excluded peril (the employee who has had…
fidelity guarantee insurance
definition : this policy indemnifies you as an employer against any direct loss of pecuniary that you may sustain trough act (s) of dishonesty by your employees.
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
collective
this policy covers a group of employee
foaling
at extension of collection policy where the sum insured is specified for the whole group rather than for each individual
blanket
cover all employees without show the name of guarantee person irrespective of positions held and an indemnity up to stated amount is respect of acts of one or more employee
features of cover
cover loss or goods belonging to the insured due to the act of fraud or dishonesty committed by his/her (INSURED) employee :
during the period of insurance stated in the scheduled,
during the uninterrupted continuance of employment of such employee,
in connection with occupation and duties of such employee
excluded peril
the employee who has had prior convictions of any fraudulent or dishonest adt, or is under investigation on such a charge
errors in book keeping / losses discovered during stocktaking
espionage, blackmailing , libel and similar risk
loss arising out of any activities and/or business conducted and/or transacted via the internet, intranet, extranet and/or vie the insured's own website, internet site, web address and or via the transmission of electronic mail or documents by electronic means
any third party losses
any direct and consequential loss
stock taking or inventory losses
war and related risk
radioactive
any act to terrorism