Frauds and dishonesty in contractual obligations are a part of the business world.
To safeguard your interests from unscrupulous people HDFC ERGO’s Fidelity Guarantee
Insurance ensures that organisations do not suffer because of a few bad apples among
them.
This policy broadly covers monetary loss sustained as a result of any act of fraud
or dishonesty committed by the employees in the course of performance of their duties.
The policy indemnifies the insured against any direct monetary loss sustained by
any reason of any act of fraud / dishonesty committed by any employee on or after
the date of commencement of this policy.
The cover is also valid during uninterrupted service with the Insured and discovered
during the continuance of this policy or within twelve calendar months of the expiration
thereof and 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 policy is not valid against losses arising elsewhere than in the Territorial
Limits stated in the Schedule or for losses not sustained within a retroactive period
not exceeding two years from the date of discovery of any such loss(es).
The Company will also not be liable to pay any claim in respect of loss sustained
prior to the inception of the original policy.
Sum insured must represent market value of the property insured which means current
replacement value of the item as new at the time of loss or damage less due allowance
for betterment, wear & tear and obsoleteness.