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Fidelity insurance

Fidelity insurance
Fidelity insurance

Anyone entrusting "unfamiliar" colleagues and employees with the management and administration of assets must unfortunately also reckon with the possibility that such persons may abuse the trust put in them and use it to line their own pockets. Losses in this area may assume dangerous dimensions.
Fidelity insurance cannot prevent disloyal acts by colleagues and employees, but it can protect against financial consequences!

When considering taking out fidelity insurance, business operators and decisionmakers let themselves be guided by existing internal business mechanisms. They assume that they have done everything to counter breaches of trust by carrying out

  • checks
  • audits
  • personnel recruitment procedures
  • authorisation arrangements
  • competence monitoring.

Consequently they do not see any need to take further measures to protect themselves. That is wrong, because everyday practice shows that embezzlement and breaches of trust cannot be prevented by even the most extensive and careful checks. The question why that should be so is asked again and again. There is no satisfactory answer.

It is a fact that checks and audits all have weaknesses that can be exploited by clever fraudsters.

What is insured?

Fidelity insurance protects your business against loss of assets caused you by premeditated, illegal acts such as theft, embezzlement, fraud or breach of trust. Direct losses through computer sabotage, disclosure of secrets or deception of outside third parties through fraud are also insured against.

You are also – for the most part – compensated for costs incurred in obtaining legal redress and assessingloss.

 

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