Miscellaneous Insurance (Money Policy (SCOPE OF COVER (Money in Transit :…
SCOPE OF THEFT POLICY COVER, There are two types of cover available under the policy
Full Value Basis
: The total of the property/goods will be declared as the sum insured. This basis is adopted where there is a possibility of the entire property being stolen at any one time.
First loss basi
s : This basis is adapted when the insured decides that it is not possible for the entire property to be stolen at any one time. Therefore a percentage of the total value at the risk would be taken as the sum insured. It is to take at least 20% of the total value declared.
Policy covers the insured against loss or damage to the insured property consequent upon actual, forcible or violent entry into/exit from the promises, or damage to insured property or to the promises as a result of theft or any attempt threat including armed robbery/hold-up.
(Business Premises) :
This policy provides cover against theft of property e.g. stock-in-trade, office equipment, furniture, fixtures, fittings etc.
PROPERTY COVERED (Private Dwelling
This policy covers the contents of private dwelling.
The items covered under this policy are: Household goods, Personal effects , Personal effects , Furniture , and Jewellery and valuables
UNDERWRITING OF THEFT INSURANCE
Theft happen in accidental
Types of Property
Size of the premium
Extension policy can be in 2 ways :
Any extension in coverage of the policy need an additional premium
Extension in period of the policy can be made when the time period is end
EQUIPMENT ALL RISK POLICY
WHAT IS ALL RISK INSURANCE?
“All risk” protection covers the most common risk that could directly damage your property
CATEGORIES OF ALL RISK POLICY
Contractor All Risk , Erection All Risk, Commercial All Risk, Equipment All Risk, Homeowner All Risk
Covers you against loss of or damage to your insured property that happening during the period of insurance within the specified location or territorial limit, provided always that such loss or damage is not caused by perils which are specifically excluded by this policy
WHAT IS INSURED PERIL ?
An insured peril is an event that can cause damage or loss to a property but is covered by an insurance policy that pays for the loss or damage if it occurs.
A third person or organization less directly involved in a matter than the main people or organizations that are involved
Accident loss of the property damage belong to third party
In either case your business could be faced with a compensation claim
This compensation payment can take into account medical costs, lost earnings and the replacement or repair of damaged property
Loss or damage caused by or arising from
a) War, terrorism and nuclear risks;
b) Confiscation or destruction or order by any government or authority;
c) Wear and tear, depreciation,
gradual deterioration, mildew, moth, vermin or any process
of cleaning, dyeing, repairing, restoring or renovating;
d) Scratching or denting of any article or breakage of lenses or glass,
china, earthenware or other articles of a brittle
nature unless caused by burglary, thieves or fire
BASIS OF COMPENSATION
contract of insurance that the premium due must be paid and received by the company within sixty (60) days from the inception date of this policy
amount of loss you have to bear for each and every claim.
Duty of disclosure
Insured must disclose relevant information to the insurer before a contract is entered
Designed to cover organizations and individuals that handle and transact cash in large volumes against loss of own-money or money for which the insured is responsible.
Cash, Cheques, Postal/Money Order, Bill of Exchange, Stamps
SCOPE OF COVER
Money in Trans
it : 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 Premises :
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.
Damage to Safes or Strongroom
Cost of repair or replacement to the damaged locked safe or strongroom resulting from theft of money or any attempt threat.
Duration of cover:
1 year , Renew the policy annually
Shortage due to error or omission or resulting from clerical or accounting errors and l
oss due to errors in receiving or paying out and/or loss due to mysterious disappearance.
Loss or damage by or through the collusion of or the fraudulent embezzlement by or the
fraudulent misappropriation by the Insured or any person or persons in the service of the Insured .
Loss occurring outside the Territorial Limits.
Any loss occurring when the Premises are closed
unless the money are in a locked safe or locked strong-room.
Any loss or damage occasioned by or through or in
consequence, directly or indirectly, of any of the following occurrences
Loss or destruction of or damage to any property whatsoever or any loss or expense
resulting or arising therefrom or any consequential loss directly or indirectly caused by or contributed to by or arising.
Loss from an unattended vehicle.
Any loss or damage directly or indirectly proximately or remotely occasioned by or contributed to by or arising out of or in connection with flood,
typhoon, hurricane, tornado, cyclone, volcanic eruption, earthquake or natural hazards of any kind.
Change of policy terms and condition
Underwriting Considerations for Money Insurance
A business which handles a lot of cash (for example a shop owner) 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 (such as an office).
FIDELITY GUARANTEE INSURANCE
This policy indemnifies you as an employer against any direct loss of pecuniary that you may sustain through act(s) of dishonesty by your employees.
It covers well established organisations, i.e. organisations or firms with proper accounting procedures, full annual audit and effective systems of check and supervision.
Covers individual persons named in the policy for a stated amount
Covers named position without names of employees being indicated
This Policy covers a group of employees.
An extension of Collective Policy where the sum insured is specified for the whole group rather than for each individual.
Covers all employees without show the names of guaranteed person irrespective of positions held and an indemnity up to stated amount in respect of acts of one or more employees.
FEATURES OF COVER
This policy covers the Insured’s pecuniary loss or goods belonging to the Insured due to the act of fraud or dishonesty committed by His/Her (Insured) employees:
During the Period of Insurance stated in the Schedule,
During the uninterrupted continuance of employment of such Employee,
In connection with Occupation and Duties of suc Employee.
Is a source of loss that stated in the policy and not be covered.