Fidelity Insurance provides cover for direct Financial Loss caused by loss of money, negotiable instrument, bearer bonds or coupons, stamps, bank notes, cheques, letters of credit, as a result of Theft, Fraud, Dishonest or Criminal acts committed by an Employee or Third Party's that are:
- Owned by the company
- Or for which the Insured is legally liable (third party’s money etc for which you are entrusted with)
Some policies do not provide the full coverage stated above and may only provide cover for your own loss and act committed by an Employee only.
Request a quote from Optimum Insurance today
To obtain a quotation, the insurance companies require full details of your business activities to understand the risks associated to your business for which this insurance provides protection. This information is obtained by completing a proposal form which best relates to your industry. In many circumstances we are able to provide an indication of premium over the phone.
To obtain a quotation, you can:
- Call on 1300 739 861 to discuss your enquiry with one of our advisers
- Send an email to service@optimuminsurance.com.au
- Complete the following enquiry form and return by fax, post or email.
Download: Fidelity Insurance Questionnaire
We will come back to you with a quotation as soon as possible (in most cases with in 2 - 5 business days). If you would like to discuss your specific needs, please don’t hesitate to Contact Us.
Frequently asked questions
Claims Made Policy
Fidelity Insurance policies are generally “Claims Made” policies (note some policies are based on an Occurence Wording), that is they only cover Claims made or Known Circumstances that you become aware could reasonably be expected to give rise to a claim that arise during the period of insurance. Acts or omissions may have occurred in a prior period and, as long as the act or omission, was after the retro-active date, the policy will extend to those prior acts.
It is essential to maintain continuity of Professional Indemnity insurance cover (no gaps in the period of cover) as Claims made against you or Circumstances of which you become aware could give rise to a claim, will not be covered if they are not disclosed within the period of insurance where they first arise.
If there is any claim or potential claim or even a circumstance that could reasonably be expected to give rise to a claim, it should be reported to your insurer immediately it is known, regardless of your own view as to fault. If you know of a claim or circumstance and it is not reported within the insurance period in which it arises your insurance policy is unlikely to respond.
What is a Claims Made Contract?
Fidelity Insurance is commonly offered on a "Claims Made" basis of cover, which means that it only covers Claims made or Known Circumstances that you become aware could reasonably be expected to give rise to a claim that are notified to the insurer with in the current policy period.
Insurers Policy Wordings
Each insurance company has their own policy wording. This means that coverage can vary considerably from one insurer to another. It is important that you compare each policy based on the appropriateness of cover for your individual business needs.
‘Known Circumstances’
A 'known circumstance' could be defined as any fact, situation or circumstance, which a reasonable person in the insured’s professional position would have thought, might result in someone making a claim against him/her. Therefore if a claim arises after the inception date of the policy from a fact, situation or circumstance that the insured knew or should have known, at the time of the commencement of the policy that might give rise to a claim, it would normally be excluded as it arose from a ‘known circumstance’.
The Importance Of Notifying All Known Circumstances
By notifying all circumstances that might give rise to a claim, during a policy period, an insured can get the benefit of their statutory rights under Section 40(3) of the InsuranceContracts Act 1984 (the Act). Section 40(3) provides an insured with statutory rights to notify a circumstance or insured, to an insurer, during the currency of the policy. If a claim eventuates against an insured from the notified circumstances, then the insurer cannot deny indemnity, despite the fact that the claim arose outside the period of insurance.Therefore, any fact, situation or circumstance, which a reasonable person in the insured's professional position would have thought might result in someone making a claim against them, should be notified to their current insurer.
Changing From One Insurer To Another (Notification Of Known Circumstances)
If you change insurers, you will need to notify your insurer of every conceivable circumstance before the expiry date of your policy. If this is not done, and if a claim was to occur in the future from a circumstance not previously notified, you may be left uninsured, with neither the previous or the current insurer accepting liability for the claim. The prior insurer may deny the claim as the insured failed to notify the circumstance or claim during the period of insurance.