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General Business MONEY INSURANCE Introduction Underwriters and claims officials should read “Burglary Protection and Insurance Surveys” by Bugg which is kept in Lagos when opportunity arises. Money Insurance is an important part of an accident account and is needed by most businessmen who need to take cash to the bank or collect cash from the customers and carry wages. Events Insured Against (a) Loss of money belonging to the insured or for which the insured is responsible occurring (1) Whilst in transit (2) From any of the Insured’s premises as a direct result of theft accompanied by violence by any person other than an employee of the insured. (3) From a locked safe or strong room at any of the insured’s premises or from a night safe at a bank anywhere in the area stated in the schedule hereto. (4) Whilst in custody of named employees of the insured (5) Cash on counter/premises during business hour (6) Loss of or damage to safes and strong room resulting from theft of money or any attempt thereat. Up to the amount stated in the schedule as the limit of liability for any one loss. Underwriting Considerations (a) The proposal should be properly completed and this should provide most of the information required. It is necessary to establish whether the full cover granted by the policy is required or only part of the no normal cover (the proposer may not have a safe) and the limits of liability required for the various risks. (b) The underwriter will need to know the locations of all the offices, which are to be covered, and the limit of indemnity required. He will enquire the distance from the insured’s premises to the bank and how many persons accompany the delivery and whether the insured can arrange for an escort of armed police.
For carryings over
(c)
The limit for cash in safe must be given together with the details of the safe,
model, identification, number if known and size if a small safe, whether this is
securely anchored to the floor. For substantial amount of cash, the safe should
be of thief resisting quality. All safes should be bricked or concreted in. If a
safe is not, no cover should be granted for more than (d) The quality of the safe must bear a relationship with the amount at risk, large amounts require a high quality safe. The past experience should be noted and enquiry made into circumstances of past losses. The main hazard related to money risks are cash is always attractive to thieves, the attraction increasing proportionately to the amount carried. Thieves normally work in large towns. Safes often are not of the quality normally associated with substantial amounts of cash. The safe hazard increases if large amounts of cash are kept in the safe for long periods or very large amounts kept in safe at regular intervals – payrolls. (e) General consideration i. The ratio of limit per carrying to Estimated annual carriage (i.e. frequency of conveyance) ii. Make, type or size of safe iii. Limit of cash in safe iv. Method of conveyance v. Particulars of proposer and vehicle RATING Separate rates apply for transits and safes Transit Rates are based on the estimated annual carryings and adjusted at the end of each year following a declaration of actual carryings from the insured. |
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