Fidelity Guarantee Insurance

The policy protects the employer from forgery or fraud of employees

Fidelity Guarantee Insurance From IFFCO-Tokio

The policy insures an employer for losses caused by the dishonest acts of its employees.

Liability in respect of any defaulting employee shall not exceed the amount of Indemnity mentioned against his name.

The policy shall be void in the event of misrepresentation and misdescription.

The policy shall be void in case of concealment of any material information.

Every notice and communication needs to be shared through which this insurance is affected.

For identifying the employee in all cases of changes due to notice in writing shall be given.

You shall give notice in writing to the nearest office with a copy to Policy issuing office with full particulars.

It excludes paying more than one claim in respect of acts of any one of the employees.

We will indemnify you against loss sustained by reason of any act of fraud/dishonesty committed by the Employee in connection with their/his/her employment as specified in the Schedule hereto during uninterrupted Service with you and within retroactive period as defined elsewhere in the Policy and discovered during the continuance of this Policy or within twelve months after the death, dismissal or retirement of such employee or within twelve months after this Policy has ceased to exist as regards such employee whichever of these events shall first happen.

In the event of non renewal or cancellation of this Policy, for losses not discovered within twelve months next following the date of expiry or the date of cancellation as the case may be (provided only that if there be any other insurance in force during the said twelve months whether effected by YOU or on YOUR behalf or otherwise, this Policy shall not cover or contribute to any loss covered by such other insurance). The reinstatement provision will not apply to such losses discovered within twelve months from the date of non-renewal or cancellation.
For losses not sustained within a retroactive period, not exceeding two years from the date of discovery of any such loss or losses.

Provided that in such a retroactive period, the insurance was continuously in force but in no event, WE shall be liable to pay any claim in respect of loss sustained prior to the inception of the original Policy.
Further, it is also provided that losses which become payable under this clause shall be subject to the terms, conditions, the exception of the Policy in force on the date of discovery or in case of nonrenewal/ cancellation, on the last date when such policy was in force.