Fidelity Guarantee

The policy covers the employer in respect of any loss of money and/or property or financial loss which s/he may incur as a result of direct or indirect pecuniary loss as a result of an employee’s impropriety, dishonesty or infidelity.

The insurance company agrees to indemnify the insured against direct pecuniary loss sustained by reason of any act of fraud/dishonesty committed:

  1. On or after the date of commencement of this policy.
  2. During uninterrupted service with the Insured and discovered during the continuance of this policy or within twelve calendar months of the expiration thereof.
  3. In the case of death, dismissal or retirement of the Employee within twelve calendar months of such death, dismissal or retirement whichever of these events shall first happen.


The liability of the insurance company shall not exceed:

  • In respect of any employee the sum insured stated against his name or as declared herein.
  • In respect of all claims under this policy, the total sum insured.
  • If this policy shall be continued for more than one period of indemnity or if any liability shall exist on the part of the insurance company under this Policy and also under any other Policy in respect of fraud or dishonesty of the employee, the liability of the insurance company hereunder shall not be accumulated or increased thereby but the aggregate liability of the insurance company during any number of periods of indemnity and for any number of acts of fraud or dishonesty committed by the employee shall not exceed the sum insured hereunder or the sum insured under any other such policy as aforesaid whichever is greater.
  • The insurance company shall not be liable to pay more than one claim in respect of the action of any one employee.


The insurance company shall not be liable for:

  • Loss or damage resulting from or contributed by any defined event by:

– Any partner in or of the insured to the extent that such a partner would benefit by indemnity granted under this policy

– Any director or member of the insured unless such director or member is also an employee

– Any employee from the time the insured shall become aware that such employee has committed  any fraud or dishonesty.

– Any consequential losses of any kind following losses referred to under defined events

  • This policy does not cover any company or other legal entity acquired during the period of insurance
  • The company shall not be liable for any defined event it results from the dishonest
    manipulation of; input into; suppression of input into; destruction of; alteration of

any computer program, system, data or software by any inured employee who is in the insured’s Electronic Data Processing Department of Area.

The company shall only be liable to the extent of the participation/shareholding of any uninvolved partners/directors or members for an insured event in which any partner/director or member of the insured is or has been directly involved.

Note: Policy details given are indicative, not exhaustive. Please contact your nearest FICO office for further details.

How to Claim

In the event of an incident giving rise to a claim under the policy, the following steps should be followed:

  •  Report the incident to the police immediately and take any other practicable steps to discover the thieves and recover the money and or property lost.
  •  Immediately notify the insurance company by phone, email, fax or in writing upon discovery of the loss, act or defalcation by employee(s).
  •  Deduct any money due to or belonging to the defalcator(s) from the amount payable under the policy.
  •  Submit a Claim Form duly filled in to the insurance company.
  •  Give the insurer particulars of any other insurance covering the same event.
  •  Give the insurer written details of any claim.
  •  Give the insurer such proof, information and sworn declarations it may require from time to time and forward to the insurer immediately any document or details of any communication received in connection with a claim.
  •  Take immediate steps to minimize the loss, to prevent a similar occurrence and to ensure that all rights against any party who may be responsible for the loss are preserved.
  • Essential Documents:

  •  Claim Form duly filled in with supporting documents
  •  Written Statement of Claim on the defalcated amount
  •  Documents substantiating the defalcated amount
  •  Police Report
  •  Internal Inquiry Report on the defalcation
  •  Employment and termination letter(s) of the defalcator(s)
  •  Last drawn salary slip (s) and a statement of the balance amount due/amount of claim
  •  Any additional documents and information that may be required during investigations by Insurers or Adjusters

Note: Policy details given are indicative, not exhaustive. Please contact your nearest FICO office for further details.