Fidelity

Need for Insurance
Often clients feel they will never have a fidelity loss. The reality is, even the best internal controls and compliance procedures cannot fully protect against the criminal element. Once a loss is discovered, the original amount rarely shows the true magnitude of the fraud. Something which may initially appear to be in the neighbourhood of $25,000 may actually be far greater. Upon investigating the loss, it is often discovered that the fraud took place over a number of years, equating to an amount many times the original estimate. Suddenly, the loss which the company thought was small enough to write off as an expense becomes catastrophic in nature, sometimes even leading to bankruptcy.

Coverage Defined
Fidelity insurance offers companies protection against losses they may incur as a result of fraudulent acts by individuals. Traditionally, fidelity (crime) insured businesses for loss caused by the dishonest acts of its employees. Although traditionally focused on the internal element of risk, coverage is often extended to include circumstances involving computer systems fraud, or other forms of fraud perpetrated by outside parties.

Coverage Benefits
Trisura has specific forms that provide coverage on a per loss basis (no annual aggregate), meaning there is a renewable limit of liability in the event of a full limit loss. For regulated financial institutions, Trisura offers a full suite of Financial Institution Bonds, which acknowledge and address specific regulatory requirements. Coverage enhancements are also available to protect against Computer Systems Fraud, Mail Coverage, Extortion - Threats to Persons and Property to name a few.

When a claim arises, the ability to handle it efficiently and effectively from the outset increases the company's chance for recovery. Having expert claims adjusters involved is crucial to making this happen. We retain leading experts whose knowledge and involvement help companies manage their fidelity losses, leading to a better chance of recovery from loss and lessening the chance of future incidents.

The Trisura Advantage

At Trisura we offer:

Expertise - many years of experience in underwriting and claims handling in the fidelity line of business
Solutions - we will take the time to meet with clients in order to better understand the risk profile associated with their business
Flexibility - a willingness to look at new companies and classes of business others shy away from
Customization - we will tailor the bond to each individual risk profile, including the need to address regulatory requirements for financial institutions
Options - we will consider extensions of the coverage for the appropriate risk in order to address the needs of the client

Coverage Available

3-D Bond - Comprehensive Dishonesty, Disappearance and Destruction Bond - for all types of commercial entities
Financial Institution Bond, Form No. 14 - for stockbrokers, securities dealers, investment bankers, commodity brokers, dealers in securities
Financial Institution Bond, Form No. 14 - Prime - for mutual fund managers/dealers, investment counsellors portfolio managers and introducing brokers
Financial Institution Bond, Form No. 24 - for banks and trust companies
Financial Institution Bond, Form No. 25 - for all forms of insurance companies
Computer Crime Policy - for financial institutions

(back to top)