Fidelity Guarantee Insurance will provide indemnity to employer against loss of money or property as a result of acts of fraud or dishonesty of any employee of the insured during the period of insurance, and during the uninterrupted continuance of employment of the said employee, and in connection with the occupation and duties of the said employees.
This policy covers your pecuniary loss or goods belonging to you due to the act of fraud or dishonesty committed by your employees:
- During the Period of Insurance
- During the uninterrupted continuance of employment of such employee
- In connection with the occupation and duties of such employees and
- Discovered during the aforesaid period of insurance or within 6 months after the death, dismissal or retirement of such employee whichever shall happen first
EXTENSIONS
The standard clauses and extensions are:
- Auditors and Accountants Fess up to an agreed sum
- Automatic Reinstatement of Guarantee Amount
- Automatic Additions and Deletions of employees
- Extension of discovery period (12 months) – to be granted on selective basis
- Payment on Account
- Premium Adjustment
- Loss Notification (30 days)
- Misdescription clause
- Losses caused by unidentified employees – to be granted on selective basis
EXCLUSIONS
- If the nature of the employer’s business has changed
- If the duties and conditions of employment have changed
- If remuneration of the employee is reduced without sanction by the company
- If the precautions and checks for securing accuracy of account are not observed
