by Sezalinsurance
Scope of Cover
The Company agrees to indemnify the insured against a direct pecuniary loss sustained by reason of any act of fraud/dishonesty committed.
sezal On or after the date of commencement of this policy
sezal During uninterrupted service with the Insured and discovered during the continuance of this policy or within twelve calendar months of the expiration thereof
sezal In the case of death, dismissal or retirement of the Employee with twelve calendar months of such death, dismissal or retirement whichever of these events shall first happen.
Types of fidelity policies.
sezal Individual policy: Under this policy only one individual is guaranteed per policy.
sezal Collective policy: This option covers the entire staff or number of selected people. One policy is issued showing amount of guarantee against the name of each individual covered.
sezal Floating policy or floater: This cover is an extension of the collective policy, where the sum insured for the whole group is mentioned and not for an individual. The names of the group member with their designations are mentioned in the schedule of the policy. Each claim reduces the sum insured and has to be reinstated by paying extra premium.
sezal Position Policy: The Policy schedule contains 'positions' rather than the names of individuals unlike in collective policy with the sum insured specified for each position. The liability for each position is limited to the amount of sum insured against each position irrespective of the number of people working in that position.
Coverage
The insurance provides indemnity to the employer for financial loss sustained as a result of dishonesty, default, negligence, misappropriation, forgery, embezzlement, larceny or fraudulent conversion of money or goods of the employer committed by salaried employees in the course of performance of their duties.
Exclusions
The Policy does not cover any loss:
1. If not discovered within 6 months after the death, dismissal or retirement of the said employee or if not discovered within 6 months after the policy shall have ceased to exist as regards such employees, whichever is earlier?
2. Due to any suppression, misrepresentation, misdescription, or misstatement of facts affecting the risk at the time of affecting this policy.
3. If the precautions and checks for securing accuracy of accounts and limiting the amount of monies received by or entrusted lo the employee at any one time shall be duly observed and put in practice on the part of the insured in accordance with the proposal.
4. If there be any change in the circumstances or conditions of the said employment without the consent of the insurer.
5. By an act insured against committed subsequent to the date upon which knowledge of any previous act insured or to any representative of the insured to whom is entrusted the duty of superintendence over the employee.
6. for more than one claim in respect of anyone employee.
7. If the policy is continued to be in force for more than one period of indemnity or if any liability shall exist on the part of the Company under this policy and also under any other policy, the liability of the company shall not be accumulated or increased but limited to the sum insured under this policy or any other such policy whichever is greater.
Extensions
Cash in transit / cash in safe limit can be asked in special circumstances.
Enhanced limit for special disbursement for bonus etc.
http://goarticles.com/article/Fidelity-Gurantee-Insurance-Group/5139647/
Scope of Cover
The Company agrees to indemnify the insured against a direct pecuniary loss sustained by reason of any act of fraud/dishonesty committed.
sezal On or after the date of commencement of this policy
sezal During uninterrupted service with the Insured and discovered during the continuance of this policy or within twelve calendar months of the expiration thereof
sezal In the case of death, dismissal or retirement of the Employee with twelve calendar months of such death, dismissal or retirement whichever of these events shall first happen.
Types of fidelity policies.
sezal Individual policy: Under this policy only one individual is guaranteed per policy.
sezal Collective policy: This option covers the entire staff or number of selected people. One policy is issued showing amount of guarantee against the name of each individual covered.
sezal Floating policy or floater: This cover is an extension of the collective policy, where the sum insured for the whole group is mentioned and not for an individual. The names of the group member with their designations are mentioned in the schedule of the policy. Each claim reduces the sum insured and has to be reinstated by paying extra premium.
sezal Position Policy: The Policy schedule contains 'positions' rather than the names of individuals unlike in collective policy with the sum insured specified for each position. The liability for each position is limited to the amount of sum insured against each position irrespective of the number of people working in that position.
Coverage
The insurance provides indemnity to the employer for financial loss sustained as a result of dishonesty, default, negligence, misappropriation, forgery, embezzlement, larceny or fraudulent conversion of money or goods of the employer committed by salaried employees in the course of performance of their duties.
Exclusions
The Policy does not cover any loss:
1. If not discovered within 6 months after the death, dismissal or retirement of the said employee or if not discovered within 6 months after the policy shall have ceased to exist as regards such employees, whichever is earlier?
2. Due to any suppression, misrepresentation, misdescription, or misstatement of facts affecting the risk at the time of affecting this policy.
3. If the precautions and checks for securing accuracy of accounts and limiting the amount of monies received by or entrusted lo the employee at any one time shall be duly observed and put in practice on the part of the insured in accordance with the proposal.
4. If there be any change in the circumstances or conditions of the said employment without the consent of the insurer.
5. By an act insured against committed subsequent to the date upon which knowledge of any previous act insured or to any representative of the insured to whom is entrusted the duty of superintendence over the employee.
6. for more than one claim in respect of anyone employee.
7. If the policy is continued to be in force for more than one period of indemnity or if any liability shall exist on the part of the Company under this policy and also under any other policy, the liability of the company shall not be accumulated or increased but limited to the sum insured under this policy or any other such policy whichever is greater.
Extensions
Cash in transit / cash in safe limit can be asked in special circumstances.
Enhanced limit for special disbursement for bonus etc.
http://goarticles.com/article/Fidelity-Gurantee-Insurance-Group/5139647/
No comments:
Post a Comment