The most valued assets of an organization
are its employees. Although most organizations
take enough measure to ensure that
they employ the best talent, selections
can sometimes be wrong. The most honest
of your employees can be the cause
of losses, embezzlement and fraud.
We at Bajaj Allianz offer fidelity
Guarantee Insurance that covers you
against these losses caused due to
fraud or dishonesty
What
does this policy cover?
Bajaj Allianz Fidelity Guarantee
Insurance offers you the following
cover:
It pays the actual financial loss
sustained as a result of the dishonesty/Fraudulent
act of the employee. After adjusting
any salary, commission security deposit
or any other money standing to the
credit. The loss is payable up to
the limit specified for the employee.
The policy does not pay more than
one claim in respect of liability/loss
arising out of an individual employee's
acts.
Types of fidelity policies.
- Individual policy: Under this
policy only one individual is guaranteed
per policy.
- 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.
- 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.
- 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.
What
does this policy not cover?
The policy does not cover any loss
if:
- Arising out of suppression of
fact affecting the risk at the time
of affecting the policy.
- There is any change in the circumstances
or conditions of the said employment
without the consent of the company.
- More than one claim in respect
of any one employee.
- Arising outside India.
- Due to non-observance or relaxations
of system of checks and precautions.
- By an act committed subsequent
to an earlier act of dishonesty/fraud
and which had come to the notice
of the insured / insured's representative
/ supervisor.
