KNOW MORE ABOUT BPI/MS’ FIDELITY GUARANTEE INSURANCE!
BPI/MS Fidelity Guarantee Insurance protects an Insured Company from any financial loss directly sustained arising from Fraud or Dishonesty committed by a covered employee.
There are three types of Fidelity Guarantee Policies:
1. Name Basis – this covers the employee on a per name basis with the corresponding position and the amount guaranteed.
2. Position Basis – this covers the employee on a per position and the amount guaranteed per position.
3. Aggregate Limit Basis – this covers all the employees, amount guaranteed and the Annual Aggregate Limit.
Factors which will make Fidelity Guarantee respond:
1. Direct Financial Loss – implies money matter, values, revenues, expenditures or the administering of the financial affair of the company.
2. Loss directly sustained – exact or complete instant loss to the company without another person or company coming in between.
3. Fraud or Dishonest – the act of stealing, cheating or deceiving that cause the financial loss to the company.
4. By a covered employee – the act committed by the employee for which the premium was paid for as declared in the policy.