This Policy is designed to indemnify the owner of the business organization (Employer) against the financial losses he may suffer due to misappropriation or embezzlement of property or money through fraudulent means by his employees. The Employer shall provide the List of Employees he wants to insure under this Policy. The List shall contain the Names of Employees, their age, Job Title & nature of duties they perform, Limits of Indemnities required for each employee. This is applicable to only Permanent Employees.
The Policy covers any loss caused by any acts of forgery or embezzlement, theft, fraudulent conversion of money committed by a permanent employee in the course of his employment duties. In addition to the individual separate limits to each employee, there will be an overall total limit under the Policy in respect of all incidents during the Policy period.
Above is a brief narration only, subject to the terms, conditions, exclusions etc. of the concern policies.
