This policy is designed to give protection for cash in safe, money carried by the insured or authorized employees/messengers while in transit. Money includes cash, bank drafts, currency notes, treasury totes, cheques, postal orders and current postage stamps and alike.
This policy is designed to give protection for an employer for the dishonest act of employees who access, hold, carried, collect, and keep any form of money, valuable properties and goods under their control and custody. Cashiers, collectors, accountants, store/warehouse persons, managers, and others who have money and property under their control. Custody or access are the main category to be insured by fidelity guarantee insurance.
Advance Payment Bond
This type of insurance policy is in case of :- 1 . After entering in to a contract of performance or service in cases where the contractor requires an advance payment or pre-financing a contract; this bond secure the repayment the advance payment either by executing the contracted work/ service or by cash. 2 . In case contractor fails to fulfill their obligation and commit default the insurance company will pay the amount to the employer which is outstanding at that time.
Bid bond is a security for different form of bid or tender between individual, private, public, government and other bodies. It is a guarantee that if the bidder, after receiving an award of the work /service, is not willing to enter into contract by furnishing the prescribed Performance Bond and other requirements, the company is liable to pay the bond amount to the employer (the party that invite the bid).
There are different types of bond policies, which give guarantee for the payment and compliance of government or Customs Authority’s duties, taxes, fines or penalties imposed by law & regulation. This policy is designed to give such cover for importers, investors, organizations, professionals and other who might import goods either on temporary and re-exportation bases. Thus if the insured party/importer/ fails to pay the required duties and taxes, the insurance company will be liable to pay it.
This bond is similar in intent to performance bonds. It is issued for contracts to supply materials, goods, machinery at a specified time and place. If goods or services are not supplied as per the contract, the insurance company will be liable on behalf of the supplier.