Fidelity Guarantee Insurance

This insurance policy protects the employer from risks presented by any of his employees such as fraud, dishonesty, embezzlement during the course of employment. In industries where secrecy and confidentiality of operations is vital for a company's success, this policy will ensure the concealment of business procedures from other competitors who may be successful in poaching their rivals' employees.

What Can Be Insured

This insurance policy seeks to indemnify the employer from direct financial losses sustained due to acts of fraud or dishonesty of an employee in the course of employment.

Individual policy
Provides cover against one specific named employee.
Collective policy
Provides cover against a specific group of named employees up to an agreed amount against each person.
Floater policy

Provides cover against a number of employees without specifying any names and amounts against each person. Only the total guarantee is stated.

Risk Covered
This insurance policy insures the employer from risks faced owing to his employees such as:
Fraud or obtaining advantage through unfair means.
Dishonesty or breach of trust.
Forgery or illegal alteration.
Embezzlement or misappropriation of money or goods.
Larceny or dishonest means of possession.
Default or failure to perform specific duties.
Compensatation Offered
This insurance policy pays compensation according to the type of policy taken and subject to a preset maximum limit.
Individual / Collective policy
Up to Rs.100 lacs per person.
Floater policy
Up to Rs.100 lakhs for named persons and up to Rs.75 lakhs for unnamed persons.
Exclusions
This insurance policy will not pay compensation based on any claims arising from:
Losses not discovered within the period of insurance.
Losses discovered after 6 months of expiry / cancellation of the policy.
Losses sustained beyond the retroactive period of 2 years from the date of discovery.

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