Page 71 - Policy Wording - Hollard Business Binder (2020-08-26)

1.1 The cover is provided to make good financial losses suffered by the business as a result of theft by employees.
1.2 Financial loss is not limited to theft of actual money but includes theft of stock or any other contents which results in the person or group of persons involved gaining financially.
1.3 The Money section provides cover for theft of money by employees but only if discovered within 14 (fourteen) days from the date of the incident.
2. UNDERSTAND THE RISK
2.1 The proposal form must be received, duly completed and assessed before going on risk.
2.2 Establish the number of people working in the orginasation and their responsibilities.
2.3 Is the owner hands-on or is the running of the financial/stock department(s) left to a dedicated person?
2.4 Accounting practices and checking mechanisms in place, both in respect of cash/cheque transactions and in respect of stock, should be taken into account as well as loss history.
2.5 Computer fraud is on the increase and losses as a result of hacking is a real issue. Ensure that an appropriate deductible is added based on the type of business and its security measures in place when making and/or receiving online payments.
3. UNDERWRITING THE RISK
3.1
3.2
Superseded cover
3.1.1 This cover may be given, at an additional premium, if a policy was in place with another insurer and terms and conditions are similar to those granted.
3.1.2 The retroactive date may not exceed two years prior to cover incepting with Hollard.
Basis of cover
3.3 3.4
The wording details the excesses for this section. Note that there is not just a basic excess.
Maximum Acceptance
3.2.1
3.2.2
Excess
Blanket cover
3.2.1.1 Covers all employees regardless of rank or position.
3.2.1.2 The total number of employees must be obtained at every subsequent renewal and premium adjusted accordingly.
3.2.1.3 Should a material change in the number of employees take place in the course of the year, then a mid-term adjustment should be made.
Named or position basis
The name(s) or job description(s) of the selected employees must be noted on the schedule together with the number of employees covered and sum insured per person/category.
3.4.1 3.4.2
Binder Partners can only write up to a maximum limit of R500 000 per policy or 100 employees.
Please refer risks in excess of the above limits/number of employees to Hollard for a quotation together with the relevant proposal form.
Fidelity Guarantee
1. GENERAL
FIDELITY GUARANTEE
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Commercial Underwriting Mandates and Guidelines – Binder – Version 2 2020