FIDELITY GUARANTEE
POLICY NO. FG/
Insurance Provided
The
…………………….. ("The Company")
agrees to indemnify the Insured (in consideration of the premium having been
paid) against direct loss of money or goods belonging to them or for which they
are legally responsible as a direct result of acts of fraud or dishonesty which
are
1) committed by any of the Employees during
the continuance of this Policy and during uninterrupted service with the
Insured
and are
2) discovered
a) during the
continuance of this Policy
or
b) within six months of
i) termination of the Policy
or
ii) the Employee ceasing to be covered by the
Policy whichever shall happen first.
Auditors Fees
This
Policy extends to include in addition to the Limit of Liability the cost of any
special professional audit necessarily incurred with the written consent of the
Company solely to formulate the amount of loss.
Definitions
1) Employee shall mean any person working for
the Insured in connection with the Business who is remunerated for such work,
wholly or mainly by salary or wages and who is listed by name or category under
the heading Employees in the Schedule
2) Any One Claim shall mean all acts of fraud
or dishonesty committed by any one Employee or Employees acting in collusion
during the continuance of this Policy
3) Amount of Guarantee shall mean the
Company's total liability for Any One Claim in respect of the Employees as
described in the Schedule
4) Aggregate Limit of Guarantee shall mean the
Company's total liability for all claims in respect of all Employees as
described in the Schedule.
Limit of Liability
The
Company's Limit of Liability shall not exceed in respect of
i) Any
One Claim the Amount of Guarantee
ii) All Claims - the Aggregate Limit of
Guarantee as specified in the Schedule and shall not be accumulated or
increased by reason of this Policy or any Policy issued in substitution
continuing in force for any Subsequent Period beyond the Initial Period of Insurance.
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Exclusions
This
Policy does not cover
Consequential Loss
1) loss
of interest, loss of profits or any kind of consequential loss
Unexplained Shortages
2) Any loss dependant solely upon an inventory
computation or a profit and loss computation and unexplained shortages
Conditions
Territorial Limits
3) any
loss arising elsewhere than in the Territorial Limits as described in the
Schedule.
Identification
1) This Policy and the Schedule shall be read
together as one contract and any word or expression to which a specific meaning
has been attached in any part of this Policy of the Schedule shall bear such
specific meaning wherever it may appear.
Observance of Conditions
2) The due observance and fulfillment of the
terms provisions and conditions of this Policy by the Insured in so far as they
relate to anything to be done or complied with by the Insured and the truth of
the statements in the proposal and relevant correspondence shall be conditions
precedent to any liability of the Company to make any payment under this Policy
Change in Business and Procedures
3) Unless prior written agreement is obtained
from the Company to any alteration the Company shall not be liable to make any
payment if there shall be
a) any
changes in the nature of the Business of the Insured
b) any
changes in
i) the precautions and checks for securing
accuracy of the accounts
ii) the procedures for obtaining references from
former employers mentioned in the Proposal and relative correspondence.
Claims - Action by Insured
4) On the happening of any act of fraud or
dishonesty committed by any of the Employees or any reasonable cause for
suspicion thereof which may give rise to a claim under this Policy the Insured
must
a) give notice to the Company in writing
within fourteen days
b) within three months after such notice deliver
to the Company at their own expense except as otherwise provided, full details
of the claim and supply all such detailed proofs and particulars as may be
reasonably required.
No
amount shall be payable under this Policy in respect of such Employee by reason
of any act committed after such knowledge shall have come to the Insured.
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Control
of claims
5) In
the event of a claim being made against the Company under this Policy
a) the Insured shall give the Company any
evidence it may reasonably require to be satisfied that the loss claimed for
has actually arisen in accordance with the cover under this Policy
b) all books of account of the Insured or any
accountants' reports shall be open to the inspection of the Company and the
Insured shall give all information and assistance to enable the Company to sue
and obtain reimbursement of any moneys which the Company shall have paid or
become liable to pay under this Policy
c) all money which but for fraud or
dishonesty of the Employees would become payable to them by the Insured and any
money recovered from the Employees by the Insured shall be deducted from the
amount of the loss
d) if any loss covered by this Policy exceeds
the Amount of Guarantee or the Aggregate Limit of Guarantee the Insured shall
be entitled to all recoveries to the extent of his uninsured loss excluding the
actual costs of effecting the recovery.
Other Insurances
6) If at the time of any loss there be any
other insurance effected by or on behalf of the Insured covering the same loss
the liability of the Company hereunder shall be limited to its ratable
proportion of any sums payable for such loss
Fraudulent Claims
7) If a claim is made by or on behalf of the
Insured which is in any respect unfounded or fraudulent or intentionally
exaggerated or if any false declaration or statement is made in support of it
no claim shall be admissible.
Adjustment
8) If any part of the premium is calculated on
estimates the Insured shall annually declare such details as the Company may
require and the premium shall be adjusted accordingly.
Cancellation
9) The Company may cancel this Policy by
sending seven days notice by registered letter to the Insured at his last known
address and in such event the Insured shall become entitled to the return of a
proportionate part of the premium corresponding to the unexpired Period of
Insurance
Arbitration
10) If any difference shall arise as to the
amount to be paid under this Policy such difference shall be referred to the
decision of an arbitrator to be appointed in writing by the parties in
difference, or, if they cannot agree upon a single arbitrator, to the decision
of two disinterested persons as arbitrators, of whom one shall be appointed in
writing by each of the parties within two calendar months after having been
required so to do in writing by the other party. The said two arbitrators shall, following
their appointment and before commencing their proceedings, nominate a third
arbitrator who shall act as an umpire to resolve the maters on which they
disagree. If either party fails to
appoint an arbitrator within two calendar months after receipt of notice in
writing requiring an appointment, the other party shall be entitled to apply
with the Summary Court Judge for the appointment of the Arbitrator. Where the two arbitrators do not agree on the
nomination of the third arbitrator to act as an umpire the Summary Court Judge
shall appoint such arbitrator upon the request of either party. The costs of the reference and of the award
shall be in the discretion of the arbitrator, or arbitrators or umpire making
the award.
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It
is hereby expressly stipulated and declared that in the event of any
disagreement between the Company and the Insured as to the amount to be paid
under this Policy, the Insured shall not bring any legal action against the
Company in accordance with this Policy except after completing the
determination and the assessment of the amount of the loss or damage by the
arbitrator, arbitrators, or umpire in the manner hereinabove detailed.
The
Arbitration proceedings shall take place in
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THE SCHEDULE
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The Company |
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Policy No. |
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The Insured |
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Period of Insurance |
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(a)
From :
To :
(both dates inclusive)
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(b)
Any
Subsequent Period for which the Insured shall pay
and the Company
shall agree to accept the
premium required. |
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Business |
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Territorial Limits |
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First Premium |
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Renewal Premium |
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Deductible |
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The Employees |
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Amount of Guarantee |
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Aggregate Limit of Guarantee |
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Signed on behalf of the Company
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DATE RECOGNITION ENDORSEMENT
Attaching to and forming part of Policy
No.
There
is no insurance under this Policy in respect of any claim of whatsoever nature
which arises directly or indirectly from or consists of the failure or
inability of any:-
a) electronic
circuit, microchip, integrated circuit, microprocessor, embedded system,
hardware, software, firmware, program, computer, data processing equipment,
telecommunication equipment or systems and any similar device,
b) media or systems used in connection with
the foregoing,
whether
the property of the Insured or not, at any time to achieve any or all of the
purpose and consequential effects intended by the use of any number, symbol or
word to denote a date including, without limitation, the failure or inability
to recognise, capture, save, retain or restore and/or correctly to manipulate,
interpret, transmit, return, calculate or process any date, data, information,
command, logic or instruction as a result of:-
II. the
operation of any command or logic which has been programmed or incorporated
into anything referred to in (a) and (b) above.
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