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MONEY INSURANCE (general conditions (assignment, cancellation, fraud,…
MONEY INSURANCE
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EXCLUSION
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loss by fraud, embezzlement or misappropriation by any director, partner or by an employee, at the insured premises.
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any loss occurring when the premises are closed unless the money are in a locked safe or locked strongroom
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Warranties
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3) cash boxes or till drawers after business hours to be kept with their contents in safe or strongroom in the insured premises
1) 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 or strongroom after business hours.
4) safe or strong room keys duplicates thereof at all times be kept away from the portion of the insured premises in which such always or strongroom is situate and always out of sight of the public.
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 or post office including money drawn as wages and salaries from the time of receipt until paid out.
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damages 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.
claim conditions
notification of claim
1) loss/ damage arising from theft, fire, accidental loss. malicious damage or vandalism - report to police immediately. then, notify insurer within seven days.
2) all the details and evidence which we ask for concerning and amount of any loss, damage or injury shall be provided by you at your own expenses.
underwriting
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)
DEFINITION: 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.
Money includes: cash, cheques, postal/money order, bill of exchange, stamps
additional cover: personal accident to the messenger or custodians, armed robbery and hold-up at the insured's premises, riot strike and civil commotion.
duration of cover: 1 year, renew the policy annually