Money Insurance
What Is Money
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context.
Money insurance
Money insurance policy provides cover for loss of money in transit between the insured’s premises, bank and other specified places occasioned by robbery, theft or any other fortuitous cause. It also provides cover for loss of money in the business premises, safe or vault, etc.
Money means and includes cash, bank drafts, currency notes, treasury totes, cheques, postal orders and current postage stamps
What Does Money Insurance Cover
- Money in Transit
- Money in Safe/Premises
- Cash in Custody
- Damage to Safe
Important Clauses/Warantee/Extensions
Automatic Reinstatement of Sum Insured after a loss
Cash –in – safe Warranty
It is warranted that the safe is securely embedded in concrete/cement to adjacent walls and flooring
Cash declaration Clause
Cash – in – Transit Warranty
It is warranted by the insured and it is a condition of Insurance that;
All cash carrying up to =N=250,000.00 is to be carried by any employee of the insured on foot or by any motor vehicle.
All cash carrying between =N=250,000.00 & =N=500,000.00, shall be carried in a locked boot of the insured’s vehicle and accompanied by one senior employee and the driver of the insured
All cash carrying above =N=500,000.00 shall be carried in a locked boot accompanied by two senior employees and a driver of the insured.
Dishonesty Exclusion Clause
Excess 5% of each and every loss
Key Clause
Money Temporarily Housed Clause
It is hereby declared and agreed that the cover granted by this policy does not extend to include any money as within described whilst temporarily housed in course of transit.
- Night watchman Warranty
- Protection Warranty
- Security Light warranty
- Hold-Up extension
- Riot, Strike Extension These two are bought into the Policy as extensions
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