Misappropriation of Company property by staff is a threat to any employer. The potential value of such misappropriations can be large leading to instability of the business. Most of the banks obtain Fidelity Guarantee insurance for their employees, who are dealing with cash payments. As per policy coverage BGIC indemnifies the insured against the Loss of Money, Securities or other Property resulting directly from Employment Infidelity, theft of Money, Securities or the theft of any of the insured’s funds from their transfer account as communicated to such Financial Institution.
Scope of Cover
- Employee Dishonesty.
- Covers dishonesty, fraud, forgery. Best suited for corporations.