MONEY POLICY (CONDITIONS (Fraud, Change of policy terms and condition,…
Money policy can be define as 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
MONEY CAN BE CATEGORIZED AS
Bill of Exchange
SCOPE OF COVER
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.
Money in Transit
Monies in the personal custody of the Insured’s authorized 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
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.
Armed robbery and hold-up at the Insured’s premises
Riot, strike and civil commotion
Personal accident to the messenger or custodians
DURATION OF COVER
Renew the policy annually
Loss or damage by or through the collusion of or the fraudulent embezzlement
Loss occurring outside the Territorial Limits.
Shortage due to error or omission or resulting from clerical or accounting errors
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
War, invasion, act of foreign enemy, hostilities or warlike operations (whether war be declared or not) or civil war
Martial law or state of siege or any of the events or causes which determine the proclamation or maintenance of martial law or state of siege.
Mutiny, strike, riot, civil commotion, military or popular arising, insurrection, rebellion, revolution, conspiracy, military or usurped power
Any act of terrorism
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
ionizing radiation or contamination by radioactivity from any nuclear fuel or from nuclear waste from the combustion of nuclear fuel.
nuclear weapons material.
Loss from an unattended vehicle.
Any loss or damage directly or indirectly connection with flood, typhoon, hurricane, tornado, cyclone, volcanic eruption, earthquake or natural hazards of any kind.
Change of policy terms and condition
Material changes of subject matter
The Insured shall take all ordinary and reasonable precautions for the safety of the Money.
Cash boxes or till drawers after business hours to be kept with their contents in a safe or strong room in the Insured Premises
A complete record of the amount of Money in the safes be kept in a secure place o
All Money not paid out on the day on which it is received from the Bank locked safe or strong room after business hours
Safe or strong room keys or duplicates