Fidelity & Money

Financial crime can harm far more than just your balance sheet. Criminal activity can negatively impact your reputation, your clients, your staff morale and your company productivity. With so much on the line, expert advice is essential to reduce the risk and limit the damage.

Howden consultants can design coverage including elements of fidelity, money, crime and cyber insurance. 

What is Fidelity Insurance?

Fidelity Insurance covers direct financial losses as a result of dishonesty by your employees. This usually means fraud. 

What does Money Insurance cover? 

Money Insurance covers robbery or theft of money carried by yourself or authorized persons while in transit, and also money in a safe. 

Such policies define money as cash, bank drafts, currency notes, treasury totes, cheques, postal orders, and current postage stamps. 

Do I need both?

Both policies cover different ways criminals can relieve you of your money. That’s why insurance markets tend to group these two risks together.  

How are the premiums calculated? 

Premiums are priced according to your unique risk. They are calculated from:

1. Location of Risks
2. Money Routes and carrier
3. Method of Transportation
4. Frequency of Money movements
5. Cash limit/exposure (highest and average)
6. Security Arrangement/procedures
7. Background, position, years of service of the employee who will transport the money
8. Security/Auditing Procedures
9. Lost History

Your Howden broker will 

• Present your case to the insurance markets in the best possible light, to help achieve the best possible price
• Advise on risk management to lower your chances of an incident (which can also help reduce price)

A word on claims 

When it's money that’s been suddenly taken out of your business, your very liquidity is on the line. That’s why we strive to get all claims paid extremely quickly. To us, that means building the policy clauses to take away the ambiguity that keeps insurer decision-making dragging on. And if there is any confusion, stepping assuredly into the debate, always.

Who is the cover with?

Howden access a wide variety of participating insurers, connecting with both local markets and the Lloyds of London market, in order to provide maximum financial stability. 

Fidelity and Money coverage is often included in-home or industrial contents policies – but that amount of coverage doesn’t suit everyone. For businesses and individuals with higher risk profiles, a standalone Fidelity and Money policy proves useful.