The fidelity bond, is a commercial accessory contract that aims to guarantee the “beneficiary” acquiring the bail, compensation for damage to property for unlawful acts caused by their employees against the assets of the company and whose responsibility is duly checked.
Definition of risks:
Theft: the person seizes an alien thing without the right and consent of the person who can dispose of it according to the Law.
Fraud: it is committed by someone deceiving one or taking advantage of the error in which he finds himself, unlawfully doing something or reaching an improper profit.
Abuse of trust: commits this crime who, to the detriment of someone, disposes for himself or for another of any other person from whom custody has been transferred, but not the domain.
Peculation: this crime is committed by any Public Servant who, for other people’s or personal uses, distracts from its object: money, securities or anything belonging to the State.
In order for a fidelity bond to be issued, it is necessary that there be an employment relationship, since said guarantee is accessory to a work contract. In the case of commission agents, there must be a Commercial Commission Contract.
When committing an offense that threatens the assets of the company and of which there is absolute certainty, as well as evidence proving the patrimonial damage and the probable responsibility of the guarantor, the beneficiary may proceed to enter the claim of the fidelity bond.
What is the procedure to issue the claim?
A notice must be submitted in writing to the surety company through its intermediaries within 15 calendar days following the discovery of the unlawful acts. The formal claim must be submitted in writing within a period of 100 calendar days after the delivery of the prior notice.
The surety company will have a period of 30 days after the opinion issued by the Legal Department to integrate your claim, to make the corresponding payment.
Contact us and receive more information about the fidelity deposit, process it with us!