Indemnity against loss of money and /or stock and/or stores and/or property in custody and/or control and/or held on trust and/or on commission and/or for which the insured is responsible. Covers against sustained or incurred financial loss resulting solely and directly from loss of property as defined by reason of any employee or agent of the insured committing during the period when this policy is in force any Act or Acts of fraud, dishonesty, forgery, manipulation, embezzlement, stealing, robbery, un-authorised Transactions, un-authorised use of authority or power or mandate or fraudulent conversion on stealing (herein collectively called Wrongful Acts) in dealing with the insured’s own property and/or the property under the care, control, custody and/or for which the insured is held to be legally responsible with the intent to cause financial loss to the insured and/or for personal gain on the person committing such an Act or Acts whether acting alone and/or in collusion with others.
10% of sum insured minimum Ksh. 10,000/=
ð Automatic addition/ deletions of staff
ð Automatic reinstatement of loss.
ð Discovery period 12 months after termination of employment, or 6 months within lapse of policy
ð Collusion clause
ð Notice of cancellation 30 days
ð Kenya jurisdiction clause
ð Written notice of knowledge of potential claim to be given immediately upon discovery of incident or grounds of suspicion.
ð Including loss of stocks; stores; or customers goods
ð Excluding clerical errors/omissions
ð Excluding acts occurring outside the discovery period