FIDELITY GUARANTEE POLICY
This is a form of policy that protects an organisation against loss of money or valuable stock of raw materials, securities/assets or finished goods belonging to or under the control of the insured as a result of dishonesty or fraudulent activity on the part of the employee(s). It is possible to grant cover on named basis, positions basis or on a blanket basis. In any of these cases, the number of persons and the limit of guarantee any one loss would be advised as well as aggregate amount of guarantee in a given year. Once we have this information, we would be in a position to quote for premium payable. There are three types of fidelity guarantee Individual Fidelity Bank Fidelity Collecyive Fidelity Requirements:
• The categories and number of employees to be insured.
• The aggregate amount to be guaranteed during any one period of insurance – this means the volume of transaction to be handled by the employees as a whole.
• Limit of indemnity any one claim – This is the insurer’s liability arising out of any one claim/occurrence. This amount would be chosen by the insured, however such must be reasonable.