Money & Fidelity
Insurance

The money and fidelity section of an ISR policy addresses two distinct but related risks: the physical loss of money from your premises or while in transit, and financial losses caused by dishonest acts of your employees.

For businesses that handle cash - including retail shops, hospitality venues, medical practices and service businesses that collect payments on-site - money cover provides essential protection against theft, robbery and accidental loss of cash, cheques, money orders and other negotiable instruments.

Fidelity cover (also known as fidelity guarantee) is equally important for businesses of any size. Employee fraud and embezzlement can go undetected for months or even years, resulting in significant financial losses. Fidelity cover protects your business when a trusted employee acts dishonestly - whether by stealing cash from the till, falsifying expense claims, diverting customer payments or manipulating financial records.

Money and fidelity cover has specific conditions and exclusions that reflect the nature of these risks:

• Unexplained shortages, accounting errors or discrepancies that cannot be attributed to a specific theft event
• Loss of money from unattended vehicles (unless specifically extended)
• Loss of money from vending machines, gaming machines or self-service equipment
• Dishonest acts committed by directors, partners or principals of the business (fidelity cover is for employees)
• Losses discovered more than the specified time after the employee's departure from the business
• Losses arising from trading or investment activities
• Consequential losses, including lost interest and opportunity costs
• Cyber fraud and social engineering scams (may require a separate cyber policy)

Strong internal controls - such as dual signatories, regular reconciliations, segregation of duties and independent audits - not only reduce your risk exposure but also support your fidelity cover by demonstrating responsible management practices.