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Fidelity Guarantee Insurance

About Cover

Fidelity guarantee insurance provides coverage against loss suffered by an employer as a result of the dishonesty, failure in the loyal performance of duty or, in certain cases fraud by own employees.

Scopes of cover

Individual Policy

This type of policy is issued where a single employee is covered by name for a stated amount

Collective Policy

Named Collective: This policy incorporates a schedule containing the names and duties of guaranteed individuals. The amount of guarantee is set against each name; this can be an individual sum or a floating sum over the whole schedule.

Un-named Collective: Employers are covered by category (e.g. 2 managers, 24 cashiers, 10 clerks). The amount of guarantee can be either on a floating or per capita basis

Blanket Policy

A form of unnamed policy which includes all employees without showing names or positions. These policies are suitable for an employer with a substantial organization as no enquiries are made by insurers about employees.

Position Policy

This is usually issued where instead of using names, the ``position`` is guaranteed for a specified amount - not the named official - so that a change in the person holding the position does not affect the cover

Premium Ratings

The premium rating can be done on the basis of

per capita i.e. Flat rate - per individual listed rate per capita

per aggregated figures for instance per any one event and any one period charged a given unit per thousand

Requirements for quotation

A schedule of the items (or asset register) is to be provided including

Type of cover required from the categories above

Selected Limits of liability depending on how much exposure staff have to company valued assets including money and related activities e.g. approval limits

List of exposure areas say Cashiers, senior managers e.t.c. and their Limits

Aggregated Annual Limit – This is a Pre-determined amount up to which an insurance policy will cover an insured each year, regardless of the number of claims submitted. For example, if the policy limit was established at 1,000,000, the insurance company would pay only up to 1,000,000 regardless of the number of claims during a particular year.

Learn how to protect yourself, family, assets and business

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  • Product Innovation
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  • Customer Service
  • Claims