You can make use of this policy if you are a business owner who employs individuals to perform work for you.
To understand eligibility better, please read the
This Fidelity Guarantee Insurance Policy, subject to the terms and conditions will cover any direct pecuniary loss you suffer because of fraud or dishonesty committed by your employees while this policy is active. The policy will also be applicable if the fraud is discovered within 12 calendar months of the death, dismissal or retirement of the fraudulent employee or the expiration of this Fidelity Guarantee Insurance Policy. The Company shall be liable to pay one claim in respect of the action of any one Employee.
"Limit of Liability" means the amount stated in the Schedule, which shall be the Company’s maximum liability under this Policy (regardless of the number or amount of claims made) in the aggregate for all claims made during the Policy Period.
"Fraud or Dishonesty" shall mean the act of stealing, misappropriation, embezzlement or fraudulent conversion on the part of the Employed.
"Direct Financial Loss" means the loss of moneys and or stock at prime cost belonging to the Insured proved to have been criminally misappropriated and disposed of by the Employed excluding any consequential loss of any kind.
This is not an exhaustive list. For a detailed list of inclusions & other details, please read the
This Fidelity Guarantee Insurance Policy has exclusions such as:
- Consequential loss of any kind, be they by way of loss of profit, any loss not reflected in the Insured’s books of account, loss of opportunity, business interruption, market loss, loss of gain or potential income or gain which should have accrued to the Insured (including but not limited to interest and dividends), or otherwise
- Loss arising outside the set geographical location i.e. India
- Unexplained losses or shortages discovered at stock taking
- Any legal liability of any kind
- Any expenses incurred by the Insured in establishing the existence of or quantification of any fact, or matter giving rise to a Claim under this Fidelity Guarantee Insurance Policy
- If at the time of any loss arising under this Policy there be any other subsisting guarantee or security in respect of the acts or defaults of the person or persons Employed
This is not an exhaustive list. For a detailed list of exclusions & other details, please read the