MONEY INSURANCE

 

While the fire policy caters for loss/damage to assets resulting from fire and the burglary policy, loss/damage resulting from theft, one vital exclusion on both policies is that loss/damage to money (and similar items such as stamps, bullion e.t.c) is not covered.  Loss/damage to money resulting from fortuitous events (which are usually described by the policy schedule) is the province of what is known as a money insurance policy.

 

As mentioned, the circumstances in which loss/destruction of money are covered are usually spelt out in specific policy schedules, but generally speaking these would include whilst money is in transit, on your premise during working hours or in securely locked safe outside working hours.  Most money policies are also usually extended to cover loss while money is in the personal custody of designated officials of the insured. 

 

In addition, the proposed policy will provide limited fidelity (dishonesty of staff) cover provided the loss is discovered within a specified period of time, usually seven days. As with other property policies, there are various extension clauses that may be added to enhance cover provided by the basic policy at little or no extra cost.  In our own proposal for your institution, we intend incorporating such beneficial clauses as:

 

-           The riot and strike extension clause

-           Damage to safe extension clause

 

These would be discussed further during subsequent meetings with you. 

To enable insurers assess your own exposure accurately, we require the under-noted details:

 

• The estimated amount of money you envisage would be carried within a given year.  This would depend on the volume of cash transactions you are likely to be involved in during the year.

• The maximum amount of money you normally carry during a given Transit. 

• The maximum amount of money you are likely to hold in safe during and after working hours as well as the make, type and value of the safes.

• The maximum amount of money you are likely to keep on your premises (not in the safe(s) during working hours.