FIDELITY GUARANTEE
POLICY
WHEREAS the Employer has applied to PT xxx(hereinafter called the Company) to enter
into this Guarantee to the Company a document described as the Employer’s
Statement which Statement and the declaration contained therein and any other
written statements made by the Employer relating to the Guarantee shall be the
basis of this contract and incorporated herein and has paid or agreed to pay
the Premium for such Guarantee.
NOW THIS AGREEMENT WITHNESSTH subject to the Terms and
Conditions contained herein or endorsed hereon that if during any Period of
Guarantee the Employer shall suffer a pecuniary loss directly caused by the
fraud or dishonesty of the Employee named or otherwise described in the
Schedule committed during the currency of this Policy and in the uninterrupted
service of the Employee with the Employer the Company shall indemnity the
Employer against such pecuniary loss.
PROVIDED ALWAYS
1.
That
the liability of the Company shall not exceed :
a)
in
respect of any employee the amount stated against his name or description
b)
in
respect of all claims under this Policy the Limit of Guarantee.
2.
that
the loss is discovered and notified to the Company within six months of being
committed.
IN WITHNESS WHEREOF the undersigned acting on behalf of and
under the authority of the Company that hereunto set his hand.
CONDITIONS
1.
This
Agreement and the Schedule shall be read together, and any word or expression
to which a specific meaning has been attached in any part of this Agreement or
of the Schedule shall bear such meaning wherever it may appear.
2.
Upon
discovery of any act or acts of fraud or dishonesty likely to give rise to a
claim or of reasonable cause for suspicion thereof the Employer shall forthwith
give notice thereof in writing to the Company and this Policy shall cease to
apply in respect of the Employee concerned as from the time of discovery of the
act or acts of fraud or dishonesty or cause for suspicion.
3.
The
system of supervision specified in the Employee’s Statement shall be strictly
followed except to the extent that any variation shall have been submitted to
and approved by the Company.
4.
The
Employee shall deliver to the Company within three months of the discovery of
any act or acts of fraud or dishonesty a claim in writing for the loss
containing as particular an account of the loss as may be reasonable
practicable and stating the amount thereof and shall give to the Company all
such further particulars information proofs and explanations as may be reasonable
required. Not more than one claim on account of the same Employee shall be made
hereunder.
5.
The
Employer shall on request from the Company use all diligence in persecuting the
Employee for any theft, misappropriation, embezzlement or fraud committed by
the Employee and shall give all information and assistance to enable the
Company to sue in the name of the Employer and obtain reimbursement from the
Employee or his estate or by any other person of any moneys which the Company
has paid or become liable to pay.
6.
Any
salary or commission or any other money which but for the theft,
misappropriation, embezzlement or fraud would be due from the Employer shall be
deducted from the amount for which the Company would otherwise be liable.
7.
If
at the time any claim arises under this Agreement there shall be any other
Guarantee covering the same loss or the Employer holds any security against
loss covered hereby the Company shall not be liable to pay or contribute more
than its rateable proportion of any such claim.
8.
This
Policy may be cancelled at any time at the request of the Employer in writing
to the Company and the premium hereon shall be adjusted on the basis of the
Company receiving or retaining the customary short-term premium or minimum
premium. The Policy may also be cancelled by the Company by seven days notice
given in writing to the Insured at his last known address, and the premium
hereon shall be adjusted on the basis of the Company receiving or retaining
prorata premium.
9.
Any
condition or provision contained in this Policy notwithstanding, it is
understood and agreed that all disputes resulting from the performance and/or
interpretation of this agreement of Insurance are to be submitted to three
Arbitrators whose award shall be final and/or binding. The party desiring to
submit a case to arbitration must give the other party notice of his intention
in writing. The three Arbitrators shall be appointed by both parties by mutual
agreement. If within four weeks from the date of such written notice the parties
are unable to agree on the selection of the Arbitrators, the most ready party
may request the Chairman or in his absence the acting Chairmen of the
Association of Insurance Companies in Indonesia, to nominate the Authority
which is to appoint the Arbitrators. The Arbitrators are bound to pronounce on
the issue before them in a just and equitable manner. The Arbitrators shall
determine Rules of the Arbitration Proceedings. In their final Award the
Arbitrators shall disice by which party or parties the costs of the Arbitrators
Proceedings, including the disbursements and the fees of the Arbitrators and
the fees and disbursements of the lawyers representing the parties, shall be
wholly or partially borne. The Arbitrators shall take the necessary measures in
order that the original of the Award(s) shall be made. The powers to be granted
to the Arbitrators shall continue until after the filling.
10.
The
due observance and fulfillment of the Terms, Conditions, and Endorsements so
far as they relate anything to be done or complied with by the Employer and the
truth of the Employer’s Statement and the other statements referred to shall be
conditions precedent to any liability of the Company to make any payment under
this Agreement.
SPECIAL CONDITIONS
FOR FIDELITY
GUARANTEE INSURANCE
1.
Reduction
of liability :
Every claim paid hereunder reduces the
amount of guarantee by the sum so paid, unless the same is reinstated by
payment of additional premium thereon.
2.
Cancellation
as to any Employee :
This guarantee shall be deemed
cancelled as to any Employee immediately upon discovery by the Insured or by
any partner or officer thereof not in collusion with such Employee, of any
fraudulent or dishonest act on the part of such Employee.
3.
Prior
fraud or dishonesty :
The Company shall not be liable under
this Policy for any loss arising from the act or acts of fraud or dishonesty of
the Employee committed prior to the commencement date of this Policy.
4.
Exclusions
:
This Policy does not ever:
a)
1.
Any loss due to Riot on Civil Commotion, Military, Naval or usurped power, War
or insurrection or
2. Any loss due to
hurricane, cyclone, tornado, earthquake, volcanic eruption or similar
disturbance of nature, or
3. Any loss due to
nuclear reaction, radiation or radioactive contamination.
b)
Any
loss resulting from any act or acts of any Director of the Assured other than
one employed as a salaried, pensioned or alected official or an Employee of the
Assured, except when performing acts coming within the scope the usual duties
of an Employee, or while acting as a member of any committee duly elected or
appointed by resolution of the board of Directors of the Assured to performing
specific, as distinguished from general, directorial acts on behalf of the
Assured.
c)
Any
loss caused by any fraud or dishonesty committee by any Employees who have been
employed under one year counting from the date of employment specified in the
Schedule at the time of such acts.
5.
Subrogation
:
The person effective the insurance or
the Insured shall take such measures as may be necessary for preserving and
exercising the right of the recourse against Third Parties to which the Company
becomes subrogated by indemnification of loss damage, and shall furnish the
Company with all the evidence and documents as may required by the Company. The
necessary expenses for such procedures shall be borne by the Company.
