Fidelity Guarantee
Get a Quotation
Please provide the following documents to get a quotation:
- Completed Brokerage of Record filled, signed and stamped
- Copy of Commercial Registration
- A completely filled Proposal Form, signed and stamped
- Loss record for the past three years
This policy hedges employers against the risk of fraudulent activities or dishonest employees.
Risks Covered
Fidelity Guarantee Policy covers financial losses suffered by the Insured as a result of fraudulent and dishonest employees.
The cover includes reimbursement for losses that result from the following acts done by an employee against their employer:
- Dishonesty
- Fraud
- Loss of property
- Loss from loans or trading
Theft of property by computer fraud and theft of funds from the insured party's account at a financial institution are also indemnified. In addition, defiance costs, judgments and settlements are accommodated by the terms of the contract.
Exclusions
- A change in circumstances or conditions of the given employment without company's consent
- Losses arising outside KSA
- Losses due to negligence and no monitoring and control
- Losses by an act committed subsequently to an earlier act of dishonesty/fraud which had come to the notice of the insured party's representative/supervisor
- Discovered more than 12 months after the termination of either the guarantee or the service of employee concerned
- Caused by an employee after discovery of previous fraud or dishonesty
- Inventory losses
- Losses resulting directly or indirectly from trading securities in your name by means of a genuine or fake account
- Consequential losses of any nature
- Any form of legal liability
