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image MONEY INSURANCE (EXCLUSIONS (unattended vehicle, outside territorial…
MONEY INSURANCE
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LIMIT OF LIABILITY
MONEY IN TRANSIT - MIT
The limit selected should be the 'maximum likely to be carried out at any one time' - This amount represents the insurer's limit of liability.
The provisional premium payable is based on the estimated amount of money likely to be carried during the period of insurance
Actual amount of money carried for the period has to be declared and the premium will be adjusted accordingly
MONEY IN PREMISES - MIP
The limit selected should be representing the amount likely to be kept in the premises: (safe or strongroom)
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CLAIMS PROCEDURE
1) investigation
the circumstances of the loss must be immediately investigated with close liaison with the police on their finding possibilities of apprehending the culprits and possibilities of recovery of the loss
if the culprits are apprehended and/or the missing money are recoverable to some extent; consider the feasibility if steps should be taken to effect recovery by enforcing through the civil courts
2) loss adjuster
adjuster is appointed to investigate into money claims since this type of claims require a series of interviews with several parties to determine the genuinity of the claims
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in the event of money lost in transit, the insured must submit: duly completed claim form, police report, records showing amount carried and personal particulars of carriers
in the event of money lost in premises or in safe or strongroom, the insured must submit: duly complete claim form, police report, audit trial and supporting documents leading to estimated amount of loss.
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EXCLUSIONS
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premises following use of the key or duplicate key unless the key has been obtained by threat or by violence to any person
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caused by fire, nuclear risks, explosion, lightning, earthquake, etc
DEFINITION
Money insurance policy is intended to indemnify the insured against loss of money in transit or in premises by any causes unless otherwise excluded from the policy