Coverage against a direct pecuniary loss sustained by reason of fraud/dishonesty
Fidelity Guarantee Insurance policy provides cover against the financial loss suffered by the Insured as a result of fraud/dishonesty of employees of the insured up to the maximum limit selected for insurance per employee.
Risks Covered
- Theft of funds committed by the employees
- Coverage for loss of business assets such as property, stock certificates or any other assets
- Protection against loss of customer’s property caused by dishonest acts of an employee
- Protects the business from financial crises coming from a small portion of the workforce (dishonest employees) which can affect the entire business and other employees.
- Protects the reputation of business along with ensuring absolute transparency in supervision and accountability requirements within the business.
Exclusions
- Suppression of facts at the time of taking the policy
- Loss due to non-observance or relaxation of system of checks and precautions
- Losses discovered after more than 12 months after the termination of the service of employee concerned
- Inventory losses
- Any loss resulting directly or indirectly from trading in securities
- Consequential losses of any kind
- Legal Liability arising out of the act of the employee
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