What is this product about?

This policy is designed to indemnify you against loss sustained by you due to fraud or dishonesty of the insured employees.

What are the covers / benefits provided?

This policy covers all direct pecuniary loss sustained by you due to any act of fraud or dishonesty committed by any of your insured employee in connection with his/her employment and duties:

• - During the Period of Insurance
• - During his/her uninterrupted continuance employment
• - Discovered during the Period of Insurance or within 6 months thereafter or within 6 months after his/her death, dismissal or retirement, whichever shall occur first.

By paying additional premium, the policy may be extended to cover external Auditors’ Fees incurred by you for preparing detailed statement of loss and satisfactory proof of pecuniary loss sustained by you.

What is the subject matter insured?

All direct pecuniary loss sustained by You due to any act of fraud or dishonesty committed by Your employee named in the Policy Schedule.

Period of Insurance

Duration of cover is for one year. You need to renew your insurance Policy annually.

How much premium do I have to pay?

The premium you have to pay may vary depending on:-

• Nature of business
• Occupation of employee
• Number of employees
• Amount of Guarantee
• System of check and control that has been put in place to prevent loss
• Past loss history
• Our underwriting requirements

What is the payment mode and how do I pay the premium?

This is an annual policy and you may pay your premium in full either by cash or cheque or bank transfer.

What are some of the key terms and conditions that I should be aware of?

• Duty of disclosure
  - You must give all the facts which you know or ought to know.
  - You must ensure that the proposal form is completed accurately as it forms the basis of the insurance contract.
• Amount of Guarantee
  - The Amount of Guarantee is applicable for any one claim and in the aggregate during the period of insurance.
  - You must ensure that the Amount of Guarantee is insured at an appropriate amount depending on your business operations and needs.
• Basis of insurance
  You may choose to insure on the following basis:
  • Named basis – You will have to provide the name and occupation of the employee you want to insure.
  • Unnamed basis – You will have to provide the number and category of employee you want to insure.
• Claims Notification
  - Upon becoming aware of any act which may give raise to a claim, you shall notify us immediately.
  - You must submit the claim documents to us as soon as reasonably possible but not later than three months from the date of notice.
• Deductible / Excess
  This is the amount you have bear before we indemnify you of a loss.
• Premium Warranty
  Premium must be paid in full and received by us within 30 days from the inception date of the cover, otherwise the cover is automatically cancelled and you will still be responsible to pay the proportion of premium for the period we have been on risk.

What are the major exclusions under this policy?

This policy does not cover:

1. If there is a change of the nature of Your business without our prior Agreement.
2. Any act of fraud or dishonesty not committed by the insured employee during the period of insurance or not discovered during the period of insurance/the discovery period or not discovered within 6 months after death, dismissal or retirement of such employee.
3. If the duties or conditions of employment have changed or the remuneration of the Employee has reduced.
4. More than one claim under the policy in respect of each employee.
5. Any loss after the expiration of twelve (12) months from the happening of the loss unless the claim is the subject of pending court action or arbitration.
6. If the precautions and checks for securing and ensuring accuracy of accounts and stocks is not duly observed.
7. Any unexplained loss or shortage discovered during an inventory or stock taking.
8. Any act of terrorism

Note: This list is not exhaustive. Please refer to the policy contract for the full list of terms and conditions under this policy.

What are the pre-acceptance conditions for this product?

• Property Insurance is placed with us
• Control and checks are put in place
• No loss / claims for the past 3 years
• Client has never been declined, cancelled or refused coverage previously

Can I cancel my policy?

You may cancel the policy by giving Us ten (10) working days’ notice in writing. Upon cancellation, you are entitled to a refund of the premium based on the unexpired period of insurance less 10% administration charge provided no claims have been made during the current policy period.

No refund of premium for any cancellation of policy if premium is charged on minimum premium.