Fidelity Insurance

Despite the best internal control measures in any corporate activity, mishaps like misappropriation and embezzlements by employees do take place. Fidelity Insurance Policy protects employers against such exposures.

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Product Features
Product Features

What are covered under this Policy?
This insurance is targeted to cover financial losses mentioned in the following by employees such as cashiers, finance or sales personnel and other such employees holding position or trust in your organization.

  1. loss of money or money’s worth which is confidently entrusted by business,
  2. loss of money or money’s worth accepted by employees in line of duty

The term “Money” shall be deemed to mean and to include cash and/or any other financial instrument that is easily convertible into cash.

Foreign currency shall be equivalent to local currency at the prevailing Central Bank Mean rate at the time of loss.


Types of Coverage

This policy provides coverage against any direct pecuniary loss sustained by the employer through the following acts committed by his employees in connection with their occupation and duties.

  • Default, Remissness
  • Fraud, Larceny
  • Degeneration, Dishonesty
  • Negligence, Embezzlement
  • Forgery, fraudulent conversion


Major Exclusion under this Policy
Some of the major exclusions under the policy are:

  • any fraudulent Claims,
  • any loss due to war (whether war be declared or not), Civil war, terrorism, strike, riots, civil commotion to a popular rising, rebellion, revolution
  • any loss due to Acts of nature (flood, wind storm, earthquake, etc …)
  • other exclusions as defined in the Policy


Types of Policies
The cover may be required in respect of a single employee or a group of employees. There are three types of Policies normally issued by the Insurer for this clause of business namely “Individual Policy”, “Collective Policy” and “Position Policy”.

  • Individual Policy: This Policy covers and individual for a stated amount.
  • Collective Policy: This Policy covers a group of employees. The Insured decides the amount of guarantee required for each individual according to his or her responsibility and position. A schedule is included in the Policy.
  • Position Policy: This Policy covers the amount of sum insured specified against position irrespective of number of people working in the position. The policy schedule contains “Positions” rather than the names of individuals, with the sum insured specified for each position.



This policy covers any direct pecuniary loss sustained by the insured (employer) through acts of fraud, dishonesty, forgery or larceny committed by his employees in connection with their occupation and duties.

How to Claim?
How to Claim?

If any misfortune befalls, leave the worry to us but please,

  • Intimate such loss immediately so that a Competent Surveyor may be deputed to minimize the loss. IKBZ office or IKBZ agent or the employee of the company will guide you the steps to be done for claims.
  • Take action or sue the defaulting employee in the case of the “act of infidelity”.
  • Cooperate with surveyors by providing all necessary documents for assessment of loss.
  • Inform the particulars of all other existing similar insurances at the time of loss.

IKBZ ensures providing assistance for fast track claim settlement.

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