Money Insurance

Provides cover for loss of money in direct transit or on premises including damage to safes or strong room caused by theft attempt.  Money includes cash, bank notes, cheques, money orders and postage stamps.

Underwriting Guidelines

  • The proposers must provide information regarding:-
  • Limits of indemnity e.g. annual carry, any one time carry
  • Methods of money transportation
  • Methods of storing money in the office
  • Number and designations of people handling cash
  • Claim history
  • Type of money escort service.

The insured must warrant keeping certain conditions as regards cash handling.

Exclusions

  • Theft by employee
  • Loss due to clerical or accounting errors
  • Loss occurring outside geographical scope.

Claim Conditions

  • To notify APA Insurance immediately in case of a loss
  • To report the occurrence to police
  • To take reasonable precautions to avoid loss
  •  If fraud is suspected, all benefits under the policy are forfeited
  • Claims are subject to contribution, average and subrogation
  • An investigator is appointed in most cases
  • The insurer must be satisfied that all warranty conditions were adhered to.
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APA Insurance | Money Insurance

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