Summary of Cover
Compagnie Libanaise Assurances S.M.L. Fidelity Guarantee policy
will indemnify employers against direct loss of money or other
property resulting from acts of fraud or dishonesty committed
by their employees.
However, there are exceptions: -
The Policy does not cover: -
(a)Losses discovered more than 18 months after the expiry
of the Policy or the termination of the service of the employee
concerned,
(b) Defaults of an employee occurring after previous acts
of dishonesty by the same employee have been discovered or
suspected,
(c) Losses occurring after there has been a change in the
system of Supervision and check exercised over the employees
and their accounts which has not received the Company's prior
approval,
(d) Cash or stock shortages not caused by fraud or dishonesty
or trading losses, which cannot be accounted for.
Basis of insurance
Named Employees identified by name can be guaranteed for a
specified amount each or a single sum Employees covering two
or more employees.
Unnamed Employees may be identified in groups according to
their category of employment. Employees You may include all
of your employees with a single overall limit of guarantee
(referred to in the proposal as the 'blanket' basis) or you
can guarantee employees in specified categories only with
a separate amount of guarantee applying to each category (the
'positions' basis.
ALL of the employees in a defined category are to be covered
and the employer is required to provide an estimate of the
MAXIMUM number of employees in each category that he expects
to be working at any one time during the period of insurance.
At renewal the employer must provider details of the actual
MAXIMUM number of employees in each category during the previous
period of insurance.
Premiums Premiums vary according to the nature of the business,
the nature of the employee's duties and the amount of the
guarantee. A quotation will be given on receipt of a completed
form.
References The Policy is issued usually on the basis that
the employer takes up references before engaging new staff.
In certain circumstances the Company may perform this service
for a fee.
Auditors The basic cover may be extended to include auditors
fees incurred in providing proof of the amount Fees of a claim.
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