Fidelity Guarantee Insurance is an insurance policy designed to indemnify the Insured (the employer) for the loss of money or property sustained as a direct result of acts of fraud, theft, or dishonesty by an employee in the course of employment.

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We are now in 2023 and all companies are doing is to achieve the highest investment free of any kind of risk, especially physical ones, and this is what we at Brokerage Insurance also seek to provide to you and your company through Fidelity guarantee insurance services.

The Fidelity guarantee insurance policy guarantees compensation to the employer for the material losses caused to his property as a result of an accident of theft or embezzlement committed by the employee "insured worker" during the performance of his job duties, and during the period of validity of the policy, provided that the case of embezzlement and theft is proven by a final criminal judgment.

Our goal in providing insurance services against breach of trust is to protect your property through high-quality services and to work to achieve maximum satisfaction, being our first concern.

What is Fidelity guarantee insurance?

Fidelity insurance is an insurance policy designed to cover an employer against loss of money or loss of shares or property that may result from acts of dishonesty by an employee during employment.

In any case, entrepreneurs and large companies may be exposed to one of the types of theft and embezzlement by dishonest employees, which makes them need insurance against breach of trust, as this type of insurance policy meets the needs of company owners to protect their money and dues all the time.

Like the owners of large companies who are always looking for insurance packages that suit their needs, ProBrokerage Insurance offers you the best insurance company in Egypt as well as the best packages for insurance policies against breach of trust.

Why do companies need Fidelity guarantee insurance?

Companies often require the appointment of Fidelity guarantee insurance policies, as employees are more likely to cause financial loss due to their continued exposure to cash or through the loss of shares or other assets.

Similarly, companies that need this type of insurance are of the type of commercial companies such as manufacturing companies, service companies, guard companies, wholesale companies, and other companies in which money or goods are handled by employees.

What does Fidelity guarantee insurance cover?

The Fidelity guarantee insurance Policy provides coverage against financial loss incurred by the insured as a result of fraud/dishonesty by the insured's employees up to the maximum limit of insurance for each employee, and includes coverage granted by insurance companies to compensate for loss resulting from:

  • Dishonesty.

  • Forgery.

  • Loss of property i.e. theft.

  • Loss from loans or trade.

  • Embezzlement.

  • Corruption.

What timing does Fidelity guarantee insurance cover?

The policy covers the insured "employer" against any direct financial loss due to any act of embezzlement or breach of trust in:

1. During or after the commencement date of the Fidelity guarantee insurance policy.

2. During continuous service with the insured and discovered during the continuation of this policy or within twelve calendar months of its expiry.

3. In the event of the death, dismissal, or retirement of an employee twelve calendar months after the death, dismissal or retirement, any of these events.

It should be noted that the policy does not cover more than one claim in respect of loss arising from the acts of the individual employee.

The number of claims resulting from the same fraudulent or dishonest act or series of fraud and the same original cause by the same person or issuer shall be considered as a single claim subject to the amount of one employee insured under the policy.

What exceptions are not covered by the Fidelity guarantee insurance policy?

As in various insurance policies, there are some cases in which the company does not cover the incident of theft, embezzlement, or any kind of breach of trust, which are:

  • The act of embezzlement or theft must be earlier than the date of the policy and insurance by the company.

  • Discovery of losses more than 12 months after the termination of service of the employee concerned with the loss, any loss resulting directly or indirectly from trading in securities, or consequential losses of any kind of legal liability arising from the employee's actions.

Types of Fidelity guarantee insurance Policies

There are several types covered in Fidelity guarantee insurance, which are:

  • Individual Policy: This policy is issued where one employee is covered by name for a specific amount.

  • Collective Policy: This can be arranged by including names or without names, the name, duty, and guarantee amount of each individual will be mentioned within the coverage policy, while in the anonymity policy, employees are covered by the category.

  • Job Policy: Jobs/appointments are usually insured rather than individuals, jobs that ensure employees work for certain amounts so that the change in the incumbent does not affect coverage.

Employers usually take a job policy that plays a key role in the continuity plan of organizations in complete safety.

What are the benefits offered by Brokerage Insurance Fidelity guarantee insurance policy?

As usual, Prokage Insurance is the best insurance company in Egypt, providing its customers with many advantages that other companies cannot secure, which are:

  • Providing different insurance packages that suit the needs of different companies as well as various options in material coverage.

  • Quick response to claims attached to documents.

  • Online staff is available to communicate around the clock, seven days a week.

  • A hotline is available for quick replies.

  • Wide coverage for all types of breach of trust insurance.