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. Karur Vysya Bank in association with Bajaj Allianz General Insurance offer fidelity Guarantee Insurance that covers you against these losses caused due to fraud or dishonesty.
- 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.
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.