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Fidelity Gurantee Insurance
Group |
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| Fidelity Gurantee Insurance
Group |
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| 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. |
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On or after the date
of commencement of this policy |
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During uninterrupted service with
the Insured and discovered during the continuance
of this policy or within twelve calendar months
of the expiration thereof |
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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. |
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| Types of fidelity
policies. |
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Individual
policy: Under this policy only one individual
is guaranteed per policy. |
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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. |
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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. |
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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. |
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| 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. |
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| 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. |
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| Extensions |
| Cash in transit / cash in safe
limit can be asked in special circumstances. |
| Enhanced limit for special
disbursement for bonus etc. |
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