2. Pioneer Insurance | Pioneer Life | Pioneer Intercon
Pioneer House Cebu, Cardinal Rosales Ave. cor. Panglao Road,
Cebu Business Park, Cebu City 6000 Philippines
Trunkline: (63 32) 238 7777
Fax: (63 32) 238 4429
www.pioneer.com.ph
3.
4. No. Name of Company Networth
1 Malayan Insurance Php 5.9B
2 Prudential Guarantee Php 4.7B
3 Php 3.9B
4 BPI/MS Insurance Php 3.8B
5 Standard Insurance Php 2.4B
Top Five (5) Non-Life Insurance
(2011 Based on Gross Premium Written)
5. No. Name of Company Networth
1 Php 7.0B
2 Malayan Insurance Php 6.7B
3 BPI/MS Insurance Php 1.9B
4 Manila Insurance Php 1.5B
5 Chartis Phils. Php 1.4B
Top Five (5) Non-Life Insurance
(2011 Based on Networth)
6.
7. In a nutshell…
• Fidelity Guarantee – An
Introduction
• Coverage & Terms
• Difference: Fidelity
Guarantee vs Fidelity
Bonds
• Clauses & Warranties
• Sample Policy
8. FG: A Crime Insurance
Coverage against direct financial
losses caused by criminal
activities, e.g.: Robbery,
Burglary, and Embezzlement
10. Fidelity Guarantee
• Definition
Direct financial loss:
– caused by act of FRAUD,
DISHONESTY or INFIDELITY
– committed by guaranteed
employee
– during period of indemnity
– whilst acting in his capacity
11. Comparative
• Fidelity Guarantee Insurance
(closed contract) vs Fidelity
Bond (open contract)
• Fidelity Guarantee – in favor of
the establishment
• Fidelity Bond – in favor of the
employee
12. Very Important
Clauses & Warranties
•Aggregate Limit Endorsement
•Criminal Prosecution & Final
Judgment Clause
•Discovery Period
13. VI Clauses & Warranties
•Aggregate Limit Endorsement
– Total Amount Payable should
not exceed the limit set-forth in
the policy
14. VI Clauses & Warranties
• Criminal Prosecution & Final
Judgment Clause (P100K up)
– By virtue of Insurance Principle:
‘Subrogation’
– Erring employee should be
charged and arraigned in court
– “Not Guilty” verdict in final
judgment by Supreme Court
15. Crime Insurance
• Discovery Period
– Not later than 6 months from
resignation, dismissal, retirement
or death of the defaulting
employees
– Not later than 3 months after the
termination/expiry of the policy
– Whichever be the earlier
16. THANK YOU !!!THANK YOU !!!
You may reach us at...
PIONEER INSURANCE
Pioneer House Cebu, Cardinal Rosales Avenue cor. Panglao Road,
Cebu Business Park, Cebu City
Or our other branches near you
www.pioneer.com.ph
e-mail: jun.falcon@pioneer.com.ph
Notes de l'éditeur
Since 1954… 2004 @ 50 years 2012 @ 58 years 2013 @ 59 years
Pioneer can cater your insurance needs…
1.) Person to take: Bond - employee (as employment requirement); Insurance – establishment (protection to money) 2.) Close & Open Contract: Open (all stipulations); Closed (fixed terms, regulated by IC) 3.) Application Requirement: Bond – Collateral; Insurance – Premium & Deductible 4.) Claim Requirement: Bond – court proceedings; Insurance – claim requirements
1.) Erring employee for which a claim is presented shall have been duly charged and arraigned in court for a crime of estafa, theft, robbery, or any other crime constituting fraud or ‘dishonesty’; 2.) Insurer shall, in the name of the Insured, prosecute all claims and exercise all rights of action against any of the employee; 3.) If alleged erring employee is held innocent by final judgment of SC, insured shall reimburse the Insurer for whatever payments made
Discovery Period Provision is set forth in the 3 rd paragraph, 2 nd page of policy jacket
