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MONEY INSURANCE (GENERAL CONDITIONS (Assignment, Loss Notification,…
MONEY INSURANCE
WHAT IS MONEY INSURANCE?
Designed to cover organizations & individuals that handle & transact cash in large volumes against loss of own money /money which the insured is responsible
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SCOPE OF COVER
MONEY IN TRANSIT
Monies in the personal custody of the Insured's authorised employees whilst in direct transit between the premises and bank/post office including money drawn as wages and salaries from the time of receipt until paid out.
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EXECPTIONS
Shortage due to error/omission/resulting from clerical/accounting errors and loss due to errors in receiving/paying out and/loss due to mysterious disappearance.
Loss/damage by /through the collusion of/the fraudulent embezzlement by/the fraudulent misappropriation by the insured /any person / persons in the services of the Insured.
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Any loss occurring when the premises are closed unless the money are in a locked safe/locked strongroom.
Any loss occurring when the premises are closed unless the money are in locked safe/locked strongroom
Any loss/damage occasioned by/ through /in consequence, directly/indirectly , of any of the following occurences
Loss/destruction of/any damage to any property whatsoever/any loss/expense resulting / arising therefrom /any consequential loss directly /indirectly caused by/contributed to by /arising from:
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Any loss/damage directly/indirectly proximately /remotely occasioned by/contributed to by /arising out /in connection with flood, typhoon, hurricane, tornado, cyclone, volcanic eruption, earthquake / natural hazards of any kind.
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WARRANTIES
All money not paid out on the day on which it is received from the bank is secured in the insured premises in a locked safe/strongroom after business hours
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A complete record of the amount of money in the safes be kept in a secure place other than in any of the said safes and that the liability of the company will be limited to the amount of the money shown by such records to be in the safes at the time of the loss but not exceeding in all the limits as set out in the schedule hereto
Cash boxes/till drawers after business hours to be kept with their contents in a safe strong room in the insured premises
Safe/strongroom keys/duplicates thereof at all times be kept away from the portion of the insured premises in which such safe/strong room is situate & always out of sight of the public
UNDERWRITING
A business which handles a lot of cash will be more at risk of a loss than one where most transaction are on account and money is transferred electronically via the bank network