Subject to terms and conditions, this policy covers direct pecuniary losses caused by fraud or dishonesty committed by the employees, during the policy period. The fidelity guarantee policy is also applicable on frauds that are discovered in up to 12 calendar months from the retirement, dismissal, or death of the fraudulent employee, or from the expiry of the policy. The insurer is liable to pay one claim for the action of any one employee, in this case.
Things to know:
"Limit of Liability" is the amount that is stated in the Schedule, and is the maximum liability under this Policy (regardless of the number or amount of claims made) for claims made during the policy period.
"Fraud or Dishonesty" is the act of stealing, embezzlement, misappropriation, or fraudulent conversion by the employee.
"Direct Financial Loss" refers to the loss of moneys and/or stock belonging to the insured, proved to have been criminally misappropriated by the employed, excluding consequential losses.
For a more exhaustive list, please read the policy wordings.