Commercial crime costs the South African economy billions of rand’s!
A fidelity bond is a form of insurance protection that covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees. This insurance cover is also referred to as a Fidelity Guarantee.
The risk exposure to the business is loss of money or property belonging to you or for which you are responsible stolen by an Insured Employee OR Direct Financial Loss as a result of Fraud committed or Dishonesty of an Insured. It is important for companies to protect themselves against direct financial loss as a results of theft and fraud.
More than 70% of all theft losses of significance involve employees, often employees that have been with the company for longer than 5 years and then located a weakness in your business, a gap, perhaps, in its internal control and processes that can be exploited.
Fidelity insurance, include crime insurance to manage and address loss exposures resulting from a variety of criminal acts such as robbery, burglary and other types of theft including employee theft. Crime related loss exposures can vary significantly among businesses and often require special underwriting skills.
Success in reducing your risk and its associated costs are often found deep in the details of your coverage, claims and business. For this reason, Status Insurance Brokers provides a range of detailed reports and analysis related to your coverage, options, performance, claims and other risk related metrics that are useful in constructing your tailored made insurance covering plan, managing your risks.
Get the right insurance for your business and minimize potential loss.
- Employee Dishonesty,
- Extortion Computer Fraud,
- Contractual Penalties,
- Fraudulent Transfer Instructions
The table below shows the premiums typically charged.
Calculated by drawing an intersection of the number of staff and the sum insured required. The number of staff must be rounded up. For example, a company with 47 staff requiring a sum insured of R 400 000 would be quoted R 20 200. If any of the quote requirements or options do not match the Client’s needs, please contact us.
(Excluded are : Financial Institutions: Tobacco : Agricultural Co-operatives : Cell phones (air time and handsets) : Jewellers : Motor spares : Gambling of any nature : General hauliers (including logistics and third party warehousing) : Pharmaceuticals : Security companies and cash distribution : Warranted no known claims / circumstances