Fidelity Guarantee is an indemnity policy that covers loss of property or money as a direct result of fraudulent acts by employees of the insured. The policy is also referred to as Staff Honesty Policy because it basically covers the dishonesty of the staff of an employer.
The policy can be arranged in following ways:
- Individual Policy: This policy is issued where one employee is covered by name for a stated amount.
- Collective Policy: This could be arranged on named or unnamed basis. For named basis, the name, the duty and the amount guarantee for each of the individual to be covered by the policy would be stated. While for unnamed basis, the employees are covered by category.
- Position Policy: Positions/designations are usually insured instead of individuals. Positions are guaranteed for specific amounts such that change in the occupant of such position does not affect the cover.
The policy is usually taken by employers and plays a key role in the continuity plan of organizations.
Organizations involved in business where cash or stock is entrusted in the care of the staff need this type of policy.
For more information about this policy you can talk to any of our officers by requesting for a quote or call.