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Money Insurance

Customized Products Money Insurance

Purpose

There is a high risk involved in handling cash and negotiable instruments in a variety of situations. We offer this cover for those who who handle and transact cash in large volumes daily.

The cover offered protects financial institutions and organizations against the loss of postal stamps cash, postal orders or cheques :- It covers the following situations:

  • Theft or robbery leading to the Loss of money from the insured's premises during business hours
  • Loss while transiting from from the bank to the places of disbursement or vice versa
  • Loss from burglary, housebreaking, robbery and traffic where monies were placed in
  • Loss within 48 hours from the time of collection when monies were in the personal custody of the insured or the authorized employees
  • a vault in the insured's premises Loss of money in transit caused by robbery, theft, or any fortuitous events
  • Loss within 48 hours from the time of collection when monies were in the personal custody of the insured or the authorized employees
  • Loss of money from the insured's safe or strong room caused by theft or robbery

Premium

The payment of extra premium will cover other instances such as civil commotion risks , riot and strikes. The premium rates are flexible and range from 0.1% to 0.50% and varies according to the actual cash utilized over the period as declared within 30 days of the cover's expiry period.

The rate given is subject to a variety of factors such as the mode of conveyance, safety measures taken, distance involved, and estimated total cash carrying the liability of the company at point in time.


Procedures

  • The applicant must duly complete the application and provide details for us to properly underwrite the risk form
  • Copies of all losses when reported and registered with the police should be sent to insurers.
  • We shall require vouchers or proof of ownership or any other evidence to substantiate the claim.
  • Two reports prepared via police investigation and by the agency appointed by the insurers would be needed to settle all claims

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