Fidelity Guarantee Insurance

Fidelity Guarantee Insurance is design to cover employer to guard against loss due to fraud or dishonest acts committed by their employees.
It is mostly issued to commercial firms to indemnify the employer against direct pecuniary loss (in respect of loss of money or other goods and property) that the employer might sustain through acts of dishonesty by the employee(s) in the course of his/their employment and the acts must have been committed during:

  • The period of insurance
  • The uninterrupted continuance of the employment of the defaulting employee
Types of Fidelity Guarantee Insurance Policies
  • Individual Policy:
    • Used where an individual employee is covered, by name, for a stated amount.
    • Loss must be discovered within a specified period (e.g 24 months) of the event.
  • Collective Policy:
    • Preferable when two or more employees are to be covered.
    • Schedule sets out the names and positions of the employees, and the amount for which each is covered.
  • Floating Policy:
    • Individual employees are named, but only one amount of guarantee is given under a Floating policy, i.e. only one amount of insurance "floats" over all persons covered.
    • Amount of guarantee stipulates the maximum amount for which insurers are liable regardless of the number of fualts occurred or the number of employees involved in the default.
  • Blanket Policy:
    • Is a form of unnamed policy, which includes all employees without showing their names or positions.
    • Staff are covered based on broad categories, such as "inside staff" or "outside staff".
    • Amount of cover may be per employee or per loss occurrence.
Underwriting Information
  • Employer's business (will indicate the incident of cash-handling and the value of stock).
  • Classification of employees (jobs which require frequent cash-handling are of higher risk compared to other jobs which do not).
  • Level of indemnity
  • Claims experience
Claim Procedure
On discovery of any act of default or circumstance which may give rise to a claim, the insured must:
  • Give immediate notice to CAMINCO the extent and circumstances of the loss together with the name of the employee(s) suspected or discovered.
  • Take immediate actions and all steps to prevent further loss.
  • Follow up the notice in writing within a stated time period.
  • Supply at the request of and without any cost to CAMINCO, all information and evidences relating to the claim when being requested by CAMINCO.
© 2012 Cambodian National Insurance Company (CAMINCO)