Shopkeepers Insurance Primers

Fidelity Guarantee

Wednesday 23 January 2008

This shopkeepers' insurance section provides cover against direct financial loss due to fraud or dishonesty of a specified employee. The employer sets a guarantee amount against the specified employee's name. The aggregate liability of the insurance company during any number of periods of indemnity and for any number of acts of fraud or dishonesty by the employee will not exceed this amount of guarantee.

Also, if the policy remains in force for more than one period of indemnity and the insurer's liability will not accumulate or increase.

Exclusions

If the employee's nature of job is changed, his/her remuneration is reduced, or if the precautions to secure any accounts are not observed
No amount will be payable if you had knowledge or reasonable cause for suspicion of the specified employee having committed fraud or a dishonest act
Some companies may restrict the liability to pay for not more than one claim in respect of any of the employees.

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