Save your Business from losses with Fidelity Guarantee Insurance
What is Fidelity Guarantee Insurance?
Fidelity Guarantee is an insurance policy mainly designed for individuals, firms, and corporate structures that perform commercial actions and are more prone to financial losses caused by fraudulent or dishonest employees. It provides financial assistance against loss to a business caused by an employee’s deceitful actions. Coverage begins on or after the policy’s start date.
Who Needs Fidelity Guarantee Insurance?
If you identify as part of one of the following groups, Fidelity Guarantee Insurance is probably for you.
- Individuals, Firms, and Corporate Structures: This insurance is relevant for a broad spectrum of entities. Applicable groups include sole proprietors, partnerships, limited liability companies, and corporations. It also encompasses businesses of varying sizes and legal structures. Thus ensuring that all types of commercial entities have access to this essential coverage.
- Engaged in Commercial Activities: The insurance is particularly applicable to businesses involved in commercial activities. Applicable groups include trading, manufacturing, service provision, and other revenue-generating ventures. It caters to the diverse range of enterprises contributing to the economic landscape.
- Prone to Financial Losses Caused by Fraudulent Employees: This insurance is relevant to businesses that are susceptible to financial losses resulting from employee fraud or dishonesty. In such a case, the insurance company will reimburse the business for the actual cost of the loss, offering a crucial layer of financial security.
Why is it Important to Have Fidelity Guarantee Insurance?
Protection Against Financial Losses
Fidelity Guarantee Insurance will ensure that your business is financially safeguarded against fraudulent or dishonest employee actions. So, if such an unfortunate event were to arise, your business would be financially protected.
Maintaining Financial Stability
Financial stability is an important aspect of any business. With Fidelity Guarantee Insurance, companies can maintain their financial stability even in the face of employee-related fraud. So you can continue operations without facing severe financial setbacks.
Peace of Mind
Knowing that there is coverage in place in case of fraudulent employee activities can provide business owners and stakeholders with peace of mind. It allows you to focus on running the business without constant worry about potential financial risks due to employee deceit.
Additional Coverage
Check if the insurance company offers additional coverage options that encompass even special features of your property.
What’s Covered Under Fidelity Guarantee Insurance Policy by SGI Philippines?
The policy indemnifies the employer against all direct pecuniary loss the employer may sustain by an act of fraud or dishonesty committed by any insured employee.
What’s Not Covered Under Fidelity Guarantee Insurance Policy by SGI Philippines?
Any loss of money or property without dishonest or fraudulent act of the insured’s employees are not covered.
How to Calculate Fidelity Guarantee Insurance Premium?
Calculating the premium for Fidelity Guarantee Insurance entails a detailed assessment of factors such as business nature, risk level, company size, and coverage needs. Each situation is individually evaluated to determine a specific premium rating, reflecting the unique circumstances and risk profile of the insured entity. This personalized approach ensures accurate risk coverage, making the process comprehensive and tailored.
Benefits of Buying Fidelity Guarantee Insurance
Investing in Fidelity Guarantee Insurance offers an array of advantages that provide financial security and peace of mind to the insured. One key benefit is that in the unfortunate event of employee fraud, where the employee is found guilty in court, the insured can recover their financial losses from the insurance company. This safeguard ensures that the business is protected from the potential financial repercussions of fraudulent activities, promoting trust, stability, and resilience within the organisation.
How to File a Fidelity Guarantee Insurance Claim at SGI Philippines?
Here are the steps to file a Fidelity Guarantee Insurance Claim at SGI Philippines:
- Fill out the SGI Phils. Fidelity Guarantee Claim Form.
- Provide the required claims documents.
- We will process your claim request and credit the applicable funds to your bank account.
Why Choose SGI Philippines’ Fidelity Guarantee Insurance?
Not convinced to pick us yet? Here are some reasons why you should choose Fidelity Guarantee Insurance from SGI Philippines.
Extensive Coverage
If you insure with us you will receive adequate coverage for the insurance needs of your business.
Budget-Friendly Policies
We provide affordable policies without compromising on coverage.
Easy Purchase /Renewal
Buy or renew policies with us without experiencing any hassles.
Claim Support
Receive reliable claim support from our team from the initiation of a claim, until claim settlement.
How to Buy/Renew Fidelity Guarantee Insurance?
To buy Fidelity Insurance from us, fill out Insurer’s FG application form indicating these basic information as our basis in writing the insured’s policy contract.
01.
Name of Company / Assured
02.
Nature of Business
03.
Office Address
04.
List of persons insured
05.
No. of service in the company
06.
Cash limit/ extent of exposure to cash that the particular employee holds/handles salary duties and authority to disburse funds
07.
Audit Control Procedures
06.
Loss history if there’s any
Documents Required for Filing a Fidelity Guarantee Insurance Claim
The following documents are required for filing a Fidelity Guarantee Insurance.
- Incident Report
- Audit Findings and Irregularity Report
- Notice to Explain from the Company
- Complaint Letter and Annexes to Court and other supporting documents
How to Download Your Fidelity Guarantee Insurance Policy Copy
- Purchase Fidelity Guarantee Insurance from SGI Philippines and make the payment via bank transfer or direct deposit to SGI Phils.’ bank account.
- After receiving your payment, SGI Phils. will send a PDF File of the policy to your designated email address.
- Check your email for the policy document and download or print it based on your preference.
Fidelity Guarantee Insurance Terms Explained
Fidelity Guarantee
It is the amount that will be paid for the actual financial loss sustained by the insured directly arising from any act fraud and dishonesty of an employee.
Discovery Period
It is the six-month period after resignation, dismissal, retirement or death of the defaulting employee. Not later than 3 months after the termination of the insurance cover as regards such employee whichever be the earlier.
Sum Insured
The Sum Insured in Fidelity Guarantee represents the maximum liability amount the insurance company will pay out for covered losses resulting from employee dishonesty or fraudulent acts. It serves as the financial protection limit for the insured entity against such risks.
Benefits of Buying Fidelity Guarantee Insurance
Investing in Fidelity Guarantee Insurance offers an array of advantages that provide financial security and peace of mind to the insured. One key benefit is that in the unfortunate event of employee fraud, where the employee is found guilty in court, the insured can recover their financial losses from the insurance company. This safeguard ensures that the business is protected from the potential financial repercussions of fraudulent activities, promoting trust, stability, and resilience within the organisation.
How to Buy/Renew Fidelity Guarantee Insurance?
To buy Fidelity Insurance from us, fill out Insurer’s FG application form indicating these basic information as our basis in writing the insured’s policy contract.
01.
Name of Company / Assured
02.
Nature of Business
03.
Office Address
04.
List of persons insured
05.
No. of service in the company
06.
Cash limit/ extent of exposure to cash that the particular employee holds/handles salary duties and authority to disburse funds
07.
Audit Control Procedures
06.
Loss history if there’s any
How to File a Fidelity Guarantee Insurance Claim at SGI Philippines?
Here are the steps to file a Fidelity Guarantee Insurance Claim at SGI Philippines:
- Fill out the SGI Phils. Fidelity Guarantee Claim Form.
- Provide the required claims documents.
- We will process your claim request and credit the applicable funds to your bank account.
Fidelity Guarantee Insurance Terms Explained
Fidelity Guarantee
It is the amount that will be paid for the actual financial loss sustained by the insured directly arising from any act fraud and dishonesty of an employee.
Discovery Period
It is the six-month period after resignation, dismissal, retirement or death of the defaulting employee. Not later than 3 months after the termination of the insurance cover as regards such employee whichever be the earlier.
Sum Insured
The Sum Insured in Fidelity Guarantee represents the maximum liability amount the insurance company will pay out for covered losses resulting from employee dishonesty or fraudulent acts. It serves as the financial protection limit for the insured entity against such risks.
Frequently Asked Questions
A Fidelity Guarantee Insurance Policy covers loss of money and other property resulting from fraudulent or dishonest act committed by a regular employee.
To protect your firm and organisation against the loss of money, property, securities and goods held in trust by an employee.