Fidelity guarantee briefing
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Transcript of Fidelity guarantee briefing
Product Orientation
Pioneer Insurance and Surety Corporation
FIDELITY GUARANTEE
Pioneer Insurance | Pioneer Life | Pioneer Intercon
Pioneer House Cebu, Cardinal Rosales Ave. cor. Panglao Road, Cebu Business Park, Cebu City 6000 Philippines
Trunkline: (63 32) 238 7777Fax: (63 32) 238 4429www.pioneer.com.ph
No. Name of Company Networth
1 Malayan Insurance Php 5.9B
2 Prudential Guarantee Php 4.7B
3 Php 3.9B
4 BPI/MS Insurance Php 3.8B
5 Standard Insurance Php 2.4B
Top Five (5) Non-Life Insurance(2011 Based on Gross Premium Written)
No. Name of Company Networth
1 Php 7.0B
2 Malayan Insurance Php 6.7B
3 BPI/MS Insurance Php 1.9B
4 Manila Insurance Php 1.5B
5 Chartis Phils. Php 1.4B
Top Five (5) Non-Life Insurance(2011 Based on Networth)
In a nutshell…
• Fidelity Guarantee – An Introduction
• Coverage & Terms
• Difference: Fidelity Guarantee vs Fidelity Bonds
• Clauses & Warranties
• Sample Policy
FG: A Crime Insurance
Coverage against direct financial
losses caused by criminal
activities, e.g.: Robbery,
Burglary, and Embezzlement
Types of Crime Insurance
– Fidelity Guarantee
– Money, Securities & Payroll Robbery (MSPR) [Cash Inside/Outside Premises]
(British: Money Insurance)
– Burglary Insurance (Property)
– Robbery and/or Burglary Insurance (Money)
Fidelity Guarantee
• Definition
Direct financial loss:– caused by act of FRAUD,
DISHONESTY or INFIDELITY – committed by guaranteed
employee – during period of indemnity – whilst acting in his capacity
Comparative
• Fidelity Guarantee Insurance
(closed contract) vs Fidelity
Bond (open contract)
• Fidelity Guarantee – in favor of
the establishment
• Fidelity Bond – in favor of the
employee
Very Important Clauses & Warranties
•Aggregate Limit Endorsement
•Criminal Prosecution & Final
Judgment Clause
•Discovery Period
VI Clauses & Warranties
•Aggregate Limit Endorsement
– Total Amount Payable should
not exceed the limit set-forth in
the policy
VI Clauses & Warranties• Criminal Prosecution & Final
Judgment Clause (P100K up)
– By virtue of Insurance Principle:
‘Subrogation’
– Erring employee should be
charged and arraigned in court
– “Not Guilty” verdict in final
judgment by Supreme Court
Crime Insurance
• Discovery Period
– Not later than 6 months from
resignation, dismissal, retirement
or death of the defaulting
employees
– Not later than 3 months after the
termination/expiry of the policy
– Whichever be the earlier
THANK YOU !!!THANK YOU !!!
You may reach us at...
PIONEER INSURANCEPioneer House Cebu, Cardinal Rosales Avenue
cor. Panglao Road, Cebu Business Park, Cebu CityOr our other branches near you
www.pioneer.com.ph
e-mail: [email protected]