Theft of Third Party Monies Cover
As the name suggests, this cover protects the Insured from the theft of client funds by Directors or Employees who hold a valid contract of employment.
The conditions of this insurance are that:
- A Claim is first made against the Insured by a Third-party who had instructed the Insured to provide a Financial Service or Compliance Duty;
- Funds were held in an account opened on behalf of and in the name of the Third Party;
- Funds and/or Property had been entrusted to the Insured on behalf of the Third Party and given under the appropriate mandate.
The Insured may elect to take out cover in one of 3 ways:
- Blanket Basis – this covers all staff members who hold a valid employment contract.
- Named Positions Basis – this covers staff in various positions within the organisation, e.g. accountants, bookkeepers etc.
- Named Persons Basis – this covers specific staff within the firm.
The above is meant to be a summary of the cover and at all times the terms and conditions contained in the Policy Wording and Schedule of Cover will take preference should a conflict arise.
Terms and Conditions apply.