Companies are exposed to significant financial losses annually, due to crime committed by employees and it is reported that Fraud is on the increase. Combined with the growth in the use of electronic data and asset transfers, the fidelity losses faced by employers are increasing substantially. .
Fidelity guarantee insurance is most often sought by companies where employees are more likely to cause financial loss because of their constant exposure to cash, stocks or other assets. The potential losses that could arise from fidelity, especially with the increase in computer crime, make it pertinent that those employers at risk use fidelity guarantee insurance as a risk management tool.
.Fidelity Guarantee insurance is an insurance policy designed to indemnify the Insured (the employer) for the loss of money or property sustained as a direct result of acts of fraud, theft or dishonesty by an employee in the course of employment.
The Policy covers the loss sustained by the employer by reason of any act of forgery and/or fraud and/or dishonesty of monies and/or goods of the employer on the part of the employee Insured committed on or after the date of commencement of the Policy during uninterrupted service with the employer.
The loss should be detected during the continuance of the Policy or within 12 calendar months of the expiry of the Policy and in the case of death, dismissal or retirement of the employee within 12 calendar months of such death or dismissal or retirement whichever is earlier.
Fidelity guarantee insurance is offered under various types of policies which include individual, collective, floater and blanket. Before any type of claim can be paid, a company must first prove that an act of infidelity was committed by an employee covered under the policy.
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