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1. Fidelity Guarantee:
(Loss or Damage to third party goods)
Employee: Means any person working for the insured in connection with the business under a contract of service or apprenticeship with the Insured and who is remunerated for such service wholly or mainly by salary or wages and who is either named or in a category shown under the heading Employees Covered / Position Covered.
Insured: Means the individual, company, association, organization covered by this policy.
Excess: Means an amount to be deducted from any claim settlement.
Fraudulent or Dishonest Acts: Means those acts committed by an Employee with manifest intent
(a) to cause the Insured to sustain such loss as is described under Scope of Coverage and
(b) to obtain financial benefit for the employee or for any other person or organization intended by the Employee to receive such benefit other than salaries commission fees bonuses promotions awards profit sharing pensions or other Employee benefits earned in the normal course of employment.
Scope of Coverage
Subject to the limits, terms, exclusions and conditions contained in or endorsed in this Policy, the company will indemnify the Insured against all direct financial loss sustained by the Insured as a result of Fraudulent or Dishonest Acts of an insured Employee provided such acts.
(i) are committed during the policy Period specified on the Schedule and
(ii) are discovered
(a) during the Policy Period or
(b) within the Discovery Period stated in the Schedule after the last Policy Period expiry date or the death, dismissal, resignation, retirement or retrenchment of the defaulting Employee(s).
Limit of Liability
The liability of the Company for loss resulting from any Fraudulent or Dishonest Acts involving any one Employee or any number of Employees acting in collusion shall not exceed the Limit of Liability any one occurrence stated in the schedule.
The Liability of the Company in respect of any one Policy Period shall not exceed the Limit of Liability any one Policy Period stated in the schedule.
The Company shall not be liable for:
1. any further loss from the time the Insured shall become aware that such Employee has committed or contributed to any Fraudulent or Dishonest Acts.
2. Consequential losses of any kind.
3. Inventory or stocktaking shortages which the Insured cannot conclusively prove to be due to the Fraudulent or Dishonest Acts of the specific Employee(s).
4. Loss due to loss of and/or damage to proprietary information trade secrets confidential processing methods or other confidential information of any kind.
5. Loss, damage or liability directly or indirectly occasioned by, happening through or in consequence of war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power, or confiscation or nationalization or requisition or destruction of or damage to property by or under the order of any government pr public or local authority.
6. Loss, damage, cost, or expense directly or indirectly caused by, contributed to by, resulting from, or arising out of or in connections with any act of terrorism, as defined herein, regardless of any other cause or event contributing concurrently or in any other sequence to the loss.
An act of terrorism includes any act, or preparation in respect of action, or threat of action designed to influence the government de jure or de facto of any nation or any political division thereof, or in pursuit of political, religious, ideological or similar purpose to intimidate the public or a section of the public of any nation by any person or group(s) of persons whether acting alone or on behalf of or in connection with any organization (s) or government (s).