Pays/indemnifies the insured against the loss of money by forcible, violent, external and visible means such as burglary, armed hold-up actually occurring during the period of insurance stated in the schedule whilst in premises, transit and/or strong room or on counter or a limited amount as stated in the schedule on the body of the insured or the body of the named employee of the insured.
Required information
- Estimated annual carrying
- Transit limits
- Premises limits
- Methods of storage of money
- Methods of transportation of money
- Number and designations of people handling cash
- Claim history
- Details of escort service
Exclusions
- Fraud/dishonesty by employee.
- Loss due to clerical or accounting errors.
- Loss occurring outside geographical scope.
- Falsification of books.
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Fidelity Guarantee
This covers the insured for loss of money or stores/stocks as a result of misappropriation by a member of staff.
- Limits of liabilities
- Occupations of insured persons
- Systems of checks and balances in place
- References
- To notify Reliance 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.
- Losses must be discovered within three (3) months
- Consequential loss of any kind
- Losses outside the territorial limits
