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MISCELLANEOUS POLICY (MONEY POLICY (CONDITION (Change of policy terms and…

- - - - Cost of repair or replacement to the damaged locked safe or strongroom resulting from theft of money or any attempt threat
    - - Monies in the personal custody of the Insured’s authorised employees whilst in direct transit between the premises and bank or post office including money drawn as wages and salaries from the time of receipt until paid out
    - - Money in the Insured’s premises during and outside normal business hours.
      - Money in Insured’s premises contained on locked safes or strongrooms.
      - Money in locked drawers or cabinets or cash registers.
- - - - Cover against lossor damage suffered by the insured within the period on insurance,location or territorial limit.
    - - cover whatever damage due to suffered by the third party which is all person exclude insured and subordinated of the insured.
      - Bodily Injury and accident loss of the property damage belong to third party.
- - - - Covers a group of employees
      - the insured decides the specified amounts guaranteed for each named of individual employee covered according to his or her responsibility and position
    - - An extension of collective policy where the sum insured is specified for the whole group rather tahn for each individual. SI reduced as ach claimis made an extra premiumis neede to reinstate the cover.
    - - Covers named position without names of employees being indicated. SI is a specified amount corresponding to the position and subject to an aggregate limit per period of insurance
    - - Covers all employee without show the names of guaranteed person irrespective of position held and an indemnity up to stated amount in respect of acts of one or more employees.SI is fixed for anyone lossand in the aggregate anyone periodof insurance
    - - Covers individual persons named in the policy for a stated amount
- - - - MAIN PERIL
        
        Burglary and Housebreaking must happen cocurrently.
    - - SCOPE OF THEFT POLICY COVER
        
        First Loss Basis- First,assume that the thief will not take all the property. For example cash in hand. Therefore a percentage of the total value at the risk would be taken as the sum insured. it is take at least 20% of the btotal value declared
        
        Full Value Basis-The total of the property/goods will be declared as the sum insured. It based on market value. This basis is adopted where there is a possibility of the entire property being stolen at any one time.
    - - PROPERTY COVERED(BUSINESS PREMISE)
        
        This policy cover against theft of property. Ex: stock-in-trade,office equipment ,furnitures,fixtures,fittings,etc
    - - PROPERTY COVERED (PRIVATE DWELLING)
        
        Furniture
        
        Household goods
        
        Jewellery and valuables
        
        Personal effects
    - - EXTENSION POLICY(Add up something to the policy)
        
        Coverage
        
        Add up some subject matter to the policy with additional premium
        
        Time
        
        Period of the policy increase lesser than 6 month but the total sum insured still same. For example,construction delay
    - - COMMON POLICY CONDITION(emphasized by insurer)
        
        Precaution
        
        Take a risk management action
        
        Records
        
        Keep up to dateand shall maintain daily records all business transactions
        
        cancellation
        
        Both of party have their right to cancel the policy. Insured need to inform 1 month notice and for insurer giving 14 days notice to insured.
        
        Reinstatement
        
        shall be reduced by the amount of the loss or damage and such reduced sum insured shall be the limit of company's liablity.
        
        Other Insurances
        
        also known as contribution. If the insured have more than 1 theft policy from different company,the insurer need to pay ratable propotion. Insured cannot get a profit from what they losses.
        
        Claims
        
        Give immediate notice to insurer to the company stating the loss or damage and shall take all practicable steps to recover
        
        Interpretation
        
        Policy and schedule need to read together as one contract
    - - Location-Low risk / High Risk
      - Security-take a risk management action or not
      - Theft happen accidental-theft cannot be planned
      - Types of property-descriptions of property. type,value,weight
      - size of premium
    - - DEFINITION
        
        The policy that protect the insured against losses and damaged to the insured property upon actual,forcibel or violent entryinto/exit from the premises,or damage to insured property or to the premises as a result of theft or any attempt threat including armed robbery/hold up