For Whom

The policy can be taken by employers to cover infidelity of employees who hold positions of trust like handling cash and stock.

Features

• The policy pays for the financial loss arising out of dishonesty/fraudulent act of the employee.
• The maximum loss payable is limited to the specified limit for that employee.
• The employer has the option to choose any of the following four alternatives:

     (a) Individual Policy 
           Only one individual is guaranteed under this policy.

     (b) Collective Policy 
           Under this option, entire staff or number of selected people are covered. The

           policy is issued showing the names of the employees covered along with their

           limits.

    (c)  Floating policy or Floater
           This is an extension of collective policy where sum insured is specified for the 

           whole group rather than for each individual. The names of the group members

           along with their designation is attached as schedule to the policy. Each claim

           reduces the sum insured and has to be reinstated by paying extra premium.

    (d)  Position Policy
           The policy schedule contains "Positions" rather than the names of individuals, with

           the sum insured specified for each position. The liability is limited to the amount of

           sum insured specified against position irrespective of number of people working in

           that position.

  The policy does not pay more than one claim in respect of liability/loss arising out of an

  individual employee's act.

   Main Benefit

   The policy pays for the financial loss arising out of dishonesty/fraudulent act of 

   employees covered under the policy.

   Exclusions

   The policy does not cover any loss:

• Arising out of suppression of fact affecting the risk at the time of effecting the policy
• Where there is any change in the circumstances or conditions of the said employment and the same is not communicated to the insurer
• For more than one claim in respect of any one employee
• Arising from non-observance or relaxation of checks and precautions
• Committed subsequent to an earlier act of dishonesty/fraud and which had come to the notice of the insured/insured's representatives/supervisor
  

   Premium

• A rate of premium of between1.5% and 2.5% is charged, depending upon the limit per occurrence, the aggregate exposure, as well as the loss history/experience of the client or the industry concerned
• Business from Commercial Banks and related institutions are subject to the agreed rating pattern adopted for banks. Flexibility in rating may however arise where justifiable by experience

   Requirements

   Completed proposal form giving all the information as are required for proper

   underwriting.