Fidelity Guarantee Insurance Policy

Key Feature

This Policy indemnifies the Insured in respect of:
Actual financial loss sustained as a result of the dishonesty/fraudulent act of the employee, after adjusting any salary, commission/security deposit or any other money standing to the credit of the employee
Extension of Policy period provided
Change (increase/decrease) In Limit of Indemnity

Coverage

This Policy indemnifies the Insured for a direct pecuniary loss in respect of monies or stocks belonging to the Insured or held in trust by him (in the course of his business), sustained by reason of any act of fraud, forgery, theft or dishonesty committed on or after the date of commencement of this policy and during uninterrupted service with the Insured and discovered during the continuance of this policy or within twelve calendar months of the expiration thereof and in the case of death, dismissal or retirement of the Employee within twelve calendar months of such death, dismissal or retirement, whichever of these events shall first happen

Exclusion

Any loss or damage caused willfully or knowingly by the Insured, or any loss or damage in which the Insured or any person acting on his behalf is involved or implicated.
Discovered more than 12 months after the termination either of the guarantee or the service of employee concerned.
When there has been any change in the agreed system of check of accounting precautions without the insurer's prior consent.
Caused by an employee after discovery of his previous fraud or dishonesty.
Losses such as stock taking shortages, trading losses, not caused by fraud or dishonesty.
Liability arising out of violation of any Rules and Regulation of the Govt. or Statutory authorities