Fidelity / Fraud

Fidelity/Fraud insurance  

This insurance is designed to cover the client in respect of any financial losses caused due to fraud or dishonesty by his employees such as misappropriation of money or goods belonging to the business.

Cover is operative only if the act of fraud is committed during the period of insurance and discovered within 12 months from expiry of the policy.

Policy can be arranged on individual names or positions basis or on blanket unnamed basis.

Key benefits

Automatic cover extension for losses discovered within twelve months after the Insured employee ceases to be employed or the termination of the Policy whichever occurs first

Single Insurance policy can be issued for several groups of employees for your company

Cover includes temporary employee who are named or included in the classes set out in the schedule

Cover for auditors fees incurred in any special audit required to substantiate the amount of any claim is available

Product details

Fidelity Insurance covers any loss of your money or goods (or which you are legally responsible) which you shall directly sustain during the Period of Insurance caused by theft or fraud or dishonesty committed during the Period of Insurance by an Employee or Employees in collusion whilst in your employment.

The policy also covers auditors fees incurred in a special audit required to substantiate the amount of any claim which is paid under this Policy

For the purpose of this insurance policy:

• Money’ means, cash (notes and coins) cheques travelers cheques cross bankers drafts postal orders money orders current postage stamps credit card sales vouchers contents of franking machines
• ‘Goods’ shall mean stock in trade and in the custody of the insured

How to select the sum insured

The sum insured is per employee and in aggregate for the policy period. Sum Insured is fixed based on:

• Number of employees and their occupations
• Maximum amount of money or stock handled by each employee