FIDELITY GUARANTEE INSURANCE (exclusions: (to any employee who has had…
FIDELITY GUARANTEE INSURANCE
SCOPE OF COVER
type of policies
definition: 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.
it covers well established organisation, such as organisations or firms with proper accounting procedures, full annual audit and effective systems of check and supervision.
type of policies: individual-position-collective-floating-blanket (around)
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, the insured decides the specified amounts guaranteed for each named of individual employee covered according to his or her responsibility and position.
floating policy: an extension of collective policy where the sum insured is specified for the whole group rather than each individual.
blanket policy: 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.
features of cover
this policy covers the insured's pecuniary loss or goods belonging to the insured due to the act of fraud or dishonesty committed by His/Her (insured) employees:
during the period of insurance stated in the schedule
during the uninterrupted continuance of employment of such employee
in connection with occupation and duties of such employee
is a source of loss that stated in the policy and not be covered.
to any employee who has had prior convictions of any fraudulent or dishonest act or is under investigation on such a charge.
errors in book keeping and/ or losses discovered during stocktaking
espionage, blackmailing, extortion, libel and similar risk
loss arising out of any activities and/ or business conducted and/ or transacted via the internet, intranet, extranet.
any act of terrorism
radioactive and nuclear energy risks
stock taking or inventory losses
period of insurance
duty of disclosure