The changes that have occurred in the world including globalization and the modernization of industries have led fidelity bonds to acquire higher relevance, since it is an insurance tool that allows generating security and stability in the economy since it prevents companies from facing financial crises that impact the economy in general due to dishonest or fraudulent acts of their employees or third parties. This is how the effectiveness of the fidelity bond also acquires special importance respect the payments that the insurance company must make when it finds that a claim is covered, however, this coverage analysis will depend on factors such as: date of retroactivity, date of occurrence of the events, date of discovery, statute of limitations and insured limits. This thesis seeks to focus mainly on Fidelity Bonds, specifically those whose contracting is carried out under the temporary delimitation by discovery. It is intended to carry out an analysis of the North American model, since the American policies, and consequently the Colombian policies, do not offer a definition or notion of the concept "discovery", and therefore a definition of the moment and the circumstances in which it is considered that the discovery has been made. Thus coupled with the decisions of the national jurisprudence, an interpretative analysis of the governing verbs present in both article 1081 of the Commercial Code and article 1054 of the respective statute will be sought, namely: "fact that gives basis to the action" and “risk”. Which will be coupled with what is understood by loss in light of property insurance. In this order of ideas, an analysis is sought regarding the materialization of the claim, since I wonder if the insurable risk is the discovery of a fact in force of the policy, which could have occurred previously (within the retroactivity period granted), and such a discovery is the loss, will it be from that moment that the statute of limitations is counted? It will be relevant to take into consideration that: even when the loss is not known but only the materialization of a risk (fraudulent or dishonest act of the employee), the insured is unable to take action because he does not know whether or not he has suffered a patrimonial impairment. Thus, through the writing, different elements will be integrated that will allow elucidating the following legal problem: Is it possible to differentiate the moments of discovery of fraud and the moment of discovery of the loss for purposes of counting the statute of limitations in Colombia?