Saudi Indian Company for Co-operative Insurance (SICCI) is a joint stock company established in the Kingdom of Saudi Arabia as per Royal Decree No. M60 dated 18/09/1427H. SICCI is a joint venture between Fawaz Al Hokair Group of Companies, KSA, Life Insurance Corporation of India, The New India Assurance Company Limited, India and Life Insurance Corporation (International) B.S.C.(c), Bahrain
This policy provides Employers cover against loss suffered due to acts of their employees in course of their duties namely Forgery, Embezzlement, Larceny and / or Fraudulent conversion of monies or goods of the Insured.
Discovery of loss:
Liability attaches only in respect of those losses which are discovered not later than six months after the resignation, dismissal, retirement or death of the employee or not later than three months after termination of the Policy WHICHEVER IS EARLIER.
Other important details:
1. Adjustment of Employees Dues in the Claim amount:
It is a requirement that liability of the insurer will be calculated after deducting salary, commission and other monies which are due to the employee from employer.
2. Prosecution of Employee: If Insurer so requires, the insured shall forthwith prosecute the employee.
2. Prosecution of Employee: If Insurer so requires, the insured shall forthwith prosecute the employee.