This insurance policy indemnifies the insured for financial losses sustained by due to Forgery, Embezzlement, Larceny and/or Fraudulent conversion committed by the insured's employees (as named in the policy schedule), entrusted with money and/or property.
POLICIES can be issued as under:-
- • Named Individual Employee – Limit of Indemnity as agreed.
- • Group of Employees – Named Employees for Limit of Indemnity specified against each.
- • Floater or Floating Policy – Covers all employees on Employer’s roll upto a specified limit of annual indemnity for acts committed by anyone or all employees during the Policy Period (Employees may not be named).
Employer shall maintain and shall not change the systems of control, checking, reconciliation or accuracy of accounts and stocks dealt with by the employee.
Relationship of employee and employer must exist.
Upon discovery of any of the acts giving rise to a claim, the indemnity in respect of that particular employee shall come to an end.
Policies are issued for a determined geographical limit agreed for the places of employment.