General AccidentFidelity Guarantee
Fidelity guarantee covers the money and stock a business loses through the dishonesty of its own employees - theft, fraud, forgery or falsified records discovered during the policy period.
It is bought most often where staff handle cash, inventory or payment systems: retail chains, contracting firms running site petty cash, and finance and payroll functions. Cover responds where internal controls fail, and insurers price it against the controls a business can evidence.
Risk Coverage
- Dishonesty
- Fraud
- Loss of property
- Loss from loans or trading
Extensions
- A change in circumstances or conditions of the given employment without company's consent
- Losses arising outside KSA
- Losses due to negligence and no monitoring and control
- Losses by an act committed subsequently to an earlier act of dishonesty/fraud which had come to the notice of the insured party's representative/supervisor
- Discovered more than 12 months after the termination of either the guarantee or the service of employee concerned
- Caused by an employee after discovery of previous fraud or dishonesty
- Inventory losses
- Losses resulting directly or indirectly from trading securities in your name by means of a genuine or fake account
- Consequential losses of any nature
- Any form of legal liability
Pre-requirements
Broker of Record- Commercial Registration
- Wassel /National Address
- VAT Certificate
- Breakdown List
- 3 years claims experience
- A declaration letter if first time insurance
- Proposal Form