Uploaded by Nur Atifah

insurance law (money and burglary insurance)

Covers for loss of money;
• whilst in the transit and
• whilst kept in locked drawers, safe or strong
rooms or
• due to any hold-up whilst on the business
“Hold-up” - a robbery conducted with the use of threats or violence.
‘Money’ refers to;
• cash,
• bank notes,
• currency notes,
• cheques,
• postal orders or money orders.
Basic Cover
The money policy provides
cover against:
1) Money in Transit
Loss of money whilst it is being transported from Insured's premises to
the bank and vice versa in respect of;
wages / salaries, or
collection from clients which are being carried either to the bank or to the Insured's
Covers loss of money by;
Actual destruction
Wrongful abstraction
Compensation in the form of a personal accident benefit to employees
who may be injured during a robbery whilst carrying money
2) Money Inside Premises
Loss of money whilst kept in the premises and money contained in
locked safe / strong room as a result of theft or hold-up accompanied by
violence committed by persons other than the Insured's employees.
Compensation in the form of a personal accident benefit to employees
who may be injured during a robbery whilst accompanying the money
3) Damage to Safe
The cost or repair or replacement of the safe or
strong room, as a result of theft or attempted theft, if
these items are not specifically insured
Exclusion from coverage;
• Losses arising from fraud or dishonesty of
insured’s employees
• Shortage due to errors and omissions
• Losses from an unattended vehicle
The burglary (a.k.a theft) insurance covers the insured against
loss or damage to the insured property as a consequent of;
• actual, forcible or violent entry into the premises, or
• Theft or any attempt by a person hiding in the insured
• damage to insured property or premises as a result of theft
or any attempt threat including armed robbery/hold-up.
Types of insured properties are:• Stock-in-trade (the goods kept in hand by a business for the purposes of its trade)
• Goods held in trust or on commission
• Furniture,
• fixtures, fittings or utensils
• Machinery and tools
• Household goods and personal effects
• Designs or patterns (mainly for businesses)
Exclusion from coverage;
• Damage occasioned by fire or explosion
• Theft by insured, members of his family and
• War, strike, riot, civil commotion and kindred
• Radioactive contamination