Fidelity Guarantee Insurance
THE POLICY
Fidelity Guarantee insurance covers the insured's money, negotiable instruments, goods or other property against theft, embezzlement or misappropriation by employees.
WHO NEEDS THIS COVER?
Church operated organisations and businesses, including:
- Primary and secondary schools and colleges.
- Managers of hospitals, aged care facilities and welfare organisations.
DEDUCTIBLES/EXCESS
The standard policy has no deductible however a deductible of any amount can be selected.
LIMITS OF LIABILITY
Liability is limited to the amount specified which is the maximum payable in respect to any one employee even if the fraud or dishonesty is committed during more than one period of insurance. This limit of liability also applies where more than one employee is involved in the fraud or dishonest act but for additional premium the limit applying to "all employees" can be increased by 100%.
FIRE SERVICE LEVIES and STAMP DUTY
Fire Service Levies do not apply but where applicable stamp duty is added to the premium.
FEATURES and BENEFITS
The definition of employee extends to include:
- Any ex-employee during a period not exceeding 30 days following the termination service.
- Any director or trustee of the employer whilst performing acts coming within the scope of the usual duties of an employee or member of any committee duly elected or appointed to examine or audit or have custody of or access to any of the employer's property.
- Any person assigned to perform employee duties for the employer by any agency furnishing personnel.
- Any authorised voluntary worker while engaged in the performance of honorary duties on behalf of and with the consent of the insured.
The policy provides additional cover for:
- Claim preparation costs.
- Alterations and additions to staff subject to an annual declaration and premium adjustments.
OPTIONS/EXTENSIONS
The limit of liability that applies to losses involving more than one employee can be increased by 100% e.g. $50,000 limit any one employee/$100,000 all employees.
IMPORTANT POINTS
The policy pays for losses occurring during the period of insurance but will not pay for a theft, embezzlement or misappropriation committed more than 12 months prior to the reporting of the loss to us except for a loss that occurred during the period of insurance and discovered:
- After but within 12 months of the expiry of the policy, or
- Within six months of the termination of the employment of the offending employee.
TAKING OUT A POLICY
Catholic Church Insurances Limited will assist in obtaining information necessary for providing a quotation or issuing a policy.
Considering the reporting requirements of the cover, it is essential that losses or suspected losses are immediately reported.
Please note: this information sheet is not intended to replace the policy wording. It is designed for information purposes only and should be read in conjunction with the policy wording. For further information or a full copy of the policy wording please contact Catholic Church Insurances Limited on 1300 655 001.
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