Money - Section B-6

1. Introduction


Money Insurance Policy is designed to indemnity the insured in the event of money being stolen or robbed either from the insured's business premises, or whilst,   it is being carried to or from the bank.
The loss of money will have an impact on any organization, regardless whether it is a big organization or a small organization. It is therefore extremely important for a Money Insurance to be effected to protect the movement from/to the insured's premises.
As there is very high anti-selection from buyers for this class of insurance, care must be taken when offering this class of coverage in view of the moral hazards involved.

The company's attitude towards such risk is strictly to accept such business on conditions that other insurances of the Insured's business are also placed with the company.

2. Scope of Cover

The Money Insurance Policy basically covers the following:-

Money in Transit Loss of money whilst in transit from the insured's premises to bank and vice versa whilst accompanied by the insured's authorized employees
In respect of coverage insurance for salaries/wages, this continues until the monies insured are fully paid out to the insured's employees.

Money in Premises Loss of money whilst the money is kept in a locked safe or strong room in insured premises by forcible and violent entry upon the insured' premises; as a result of robbery, hold up whilst in the premises.

If cover is required for money kept in locked drawers, cabinets, cash registers etc, it is important for these to be specifically stated in the Proposal Form.
Safe/Strong Room Damage to the safe/strong room following forcible and violent entry upon the premises or as a result of a robbery or is covered.

3. Extensions
This Policy can be extended to cover
a) Personal Accident Benefit to Employees engaged in carrying cash against Death or Permanent Disablement caused by an accident whilst being so engaged, up to a limit of RM 1 0,000 per employee.


Premium: RM10 per person

b) Strike Riot and Civil Commotion Premium: 0.01% of total sum insured

4. Rate and Excess


  Money Insurance Recommended Minimum Rate Warranty /Remarks
 a Money In Premise

Money in locked drawers cash register or cabinet
 1.00% on Sum Insured for money in safe

2.0% on Sum Insured
 • Limit Sum Insured to RM10,000 or overnight safe

• Limit Sum Insured to RM2,000 for locked drawers/ cash register
 b Money In Transit 0.10% on estimated annual carrying less than RM500,000

0.05% on estimated annual carrying more than RM500,000
 Limit sum insured to RMl100,000 max. • For Sum Insured in excess of RM100,000. Subject to Service of Security Co. 

• For Sum Insured in excess of RM25,000. Warranted the money must be carried by 2 authorized officers, one of whom must be a management staff.
 c Money in Custody of emnloyees 3.00% on 
Sum Insured
 • Limit Sum Insured to RMI0,000 and not to be left unattended

* Minimum Premium : RM50.00.

5. Recommended Excess


5.1                                                                                  Excess
                                                                                 
Cases with claims/loss for the past 3 years     -5% of loss subject to minimum of RM500

5.2 Cases without claims/
loss for the past 3 years                                                  -Nil

6. Discount
The following discount off the above Money in Premises rate may be allowed.
a) Premises with Burglar Alarm System                   5%
b) Premises with Burglar Alarm System                 10%
linked to CMS
c) Premises with Burglar Alarm System                  15%
linked to CMS and with Guard response
team subscription
d) Premises with all the above (a), (b) and              20%
(c) and with 24-hour security guard

7. Rate Increase
 
Where a sub-standard risk with adverse risk features (as stated below) is to be accepted on an accommodation basis, the rate should be increased or lower limit of cover should be considered.
The loading factor to be applied may range from 20% to 50%.
a) Poor neighborhood
b) Remote locations
c) Easily accessible siting of safe within the premises
d) Low quality and light weight of the safe.
e) Inadequate security.
f) Poor claims experience.
g) Risks which are on our referred, special acceptance and decline list, and high hazard.

7. Referred Risks 
(Acceptance of such risk is to be referred to Business Development or Branch Head)
a) Premises of class 2 construction
b) Long Transit (involving travelllng more than 20 Ian) more than RM20,000 without adequate security arrangements
c) Transit involving large amount of money (more than RM50,000) without adequate armed escorts or security arrangements
8. Special Acceptance Risks (Acceptance of such risk is to be referred to Portfolio Underwriters/ Head of Underwriting and Technical Support) 
a) Premises of Class 3 construction 
b) Debts Collectors 
c) Money Changers 
d) Security Finns
e) Business Premises with 24 hours operations
f) Petrol kiosks

9. Declined Risks (Any accommodation of such risk is to be referred to Head of Underwriting and Technical Support/ Risk Review Committee) 

a) Banks & Financial Institutions 
b) Professional Cash Carriers 
c) Jewellers
d) Pawn brokers
e) Gaming outlets


1. Pengenalan


Polisi Insurans Wang direka untuk  ganti rugi pihak diinsuranskan sekiranya wang dicuri atau dirompak sama ada dari premis perniagaan yang diinsuranskan, atau semasa, ia sedang dibawa ke atau dari bank.
Kehilangan wang akan mempunyai kesan ke atas mana-mana organisasi, tanpa mengira sama ada ia adalah sebuah organisasi yang besar atau sebuah organisasi kecil. Oleh itu, adalah amat penting bagi Insurans Wang akan dilaksanakan untuk melindungi pergerakan dari / ke premis yang diinsuranskan.
Kerana terdapat 
anti-pemilihan sangat tinggi daripada pembeli untuk kelas insurans ini, penjagaan rapi perlu diambil apabila menawarkan kelas ini melalui pandangan bahaya moral yang terlibat.

Sikap syarikat ke arah risiko tersebut adalah tegas untuk menerima perniagaan ini diatas keadaan bahawa perniagaan insurans lain pihak diinsuranskan juga diletakkan dengan syarikat.

2.Skop Perlindungan

Polisi Insuran Wang 
pada dasarnya meliputi berikut: -

Wang dalam Kehilangan Transit manakala wang dalam transit dari premis yang diinsuranskan ke bank dan sebaliknya manakala disertai oleh pekerja yang pihak diinsuranskan yang dibenarkan
Bagi perlindungan insurans bagi gaji / upah, ini berterusan sehingga wang yang diinsuranskan sepenuhnya dibayar kepada pekerja-pekerja yang diinsuranskan.

Wang dalam Premis. Kehilangan wang manakala wang disimpan di dalam bilik yang dikunci selamat atau kebal dalam premis yang diinsuranskan dari kemasukan kekerasan dan keganasan atas premis yang diinsuranskan dari hasil rompakan yang manakala dilindungi.

Jika perlindungan dikehendaki bagi wang yang disimpan di dalam laci dikunci, kabinet, mesin daftar wang tunai dan lain-lain, ia adalah penting dan perlu dinyatakan secara khusus di dalam Borang Cadangan.
Peti Selamat/ Kerosakan Bilik Kebal atas peti keselamatan/  berikutan kemasukan kekerasan dan keganasan atas premis atau sebagai hasil daripada rompakan atau dilindungi.


3. Extensions
This Policy can be extended to cover
a) Personal Accident Benefit to Employees engaged in carrying cash against Death or Permanent Disablement caused by an accident whilst being so engaged, up to a limit of RM 1 0,000 per employee.


Premium: RM10 per person

b) Strike Riot and Civil Commotion Premium: 0.01% of total sum insured

4. Rate and Excess


  Money Insurance Recommended Minimum Rate Warranty /Remarks
 a Money In Premise

Money in locked drawers cash register or cabinet
 1.00% on Sum Insured for money in safe

2.0% on Sum Insured
 • Limit Sum Insured to RM10,000 or overnight safe

• Limit Sum Insured to RM2,000 for locked drawers/ cash register
 b Money In Transit 0.10% on estimated annual carrying less than RM500,000

0.05% on estimated annual carrying more than RM500,000
 Limit sum insured to RMl100,000 max. • For Sum Insured in excess of RM100,000.   Subject to Service of Security Co. 

• For Sum Insured in excess of RM25,000. Warranted the money must be carried by 2 authorized officers, one of whom must be a management staff.
 c Money in Custody of emnloyees 3.00% on 
Sum Insured
 • Limit Sum Insured to RMI0,000 and not to be left unattended

* Minimum Premium : RM50.00.

5. Recommended Excess


5.1                                                                                  Excess
                                                                                 
Cases with claims/loss for the past 3 years     -5% of loss subject to minimum of RM500

5.2 Cases without claims/
loss for the past 3 years                                                  -Nil

6. Discount
The following discount off the above Money in Premises rate may be allowed.
a) Premises with Burglar Alarm System                   5%
b) Premises with Burglar Alarm System                 10%
linked to CMS
c) Premises with Burglar Alarm System                  15%
linked to CMS and with Guard response
team subscription
d) Premises with all the above (a), (b) and              20%
(c) and with 24-hour security guard

7. Rate Increase
 
Where a sub-standard risk with adverse risk features (as stated below) is to be accepted on an accommodation basis, the rate should be increased or lower limit of cover should be considered.
The loading factor to be applied may range from 20% to 50%.
a) Poor neighborhood
b) Remote locations
c) Easily accessible siting of safe within the premises
d) Low quality and light weight of the safe.
e) Inadequate security.
f) Poor claims experience.
g) Risks which are on our referred, special acceptance and decline list, and high hazard.

7. Referred Risks 
(Acceptance of such risk is to be referred to Business Development or Branch Head)
a) Premises of class 2 construction
b) Long Transit (involving travelllng more than 20 Ian) more than RM20,000 without adequate security arrangements
c) Transit involving large amount of money (more than RM50,000) without adequate armed escorts or security arrangements
8. Special Acceptance Risks (Acceptance of such risk is to be referred to Portfolio Underwriters/ Head of Underwriting and Technical Support) 
a) Premises of Class 3 construction 
b) Debts Collectors 
c) Money Changers 
d) Security Finns
e) Business Premises with 24 hours operations
f) Petrol kiosks

9. Declined Risks (Any accommodation of such risk is to be referred to Head of Underwriting and Technical Support/ Risk Review Committee) 

a) Banks & Financial Institutions 
b) Professional Cash Carriers 
c) Jewellers
d) Pawn brokers
e) Gaming outlets


Visits

1. Introduction

Money Insurance Policy is designed to indemnity the insured in the event of money being stolen or robbed either from the insured's business premises, or whilst,   it is being carried to or from the bank.
The loss of money will have an impact on any organization, regardless whether it is a big organization or a small organization. It is therefore extremely important for a Money Insurance to be effected to protect the movement from/to the insured's premises.
As there is very high anti-selection from buyers for this class of insurance, care must be taken when offering this class of coverage in view of the moral hazards involved.

The company's attitude towards such risk is strictly to accept such business on conditions that other insurances of the Insured's business are also placed with the company.

2. Scope of Cover

The Money Insurance Policy basically covers the following:-

Money in Transit Loss of money whilst in transit from the insured's premises to bank and vice versa whilst accompanied by the insured's authorized employees
In respect of coverage insurance for salaries/wages, this continues until the monies insured are fully paid out to the insured's employees.

Money in Premises Loss of money whilst the money is kept in a locked safe or strong room in insured premises by forcible and violent entry upon the insured' premises; as a result of robbery, hold up whilst in the premises.

If cover is required for money kept in locked drawers, cabinets, cash registers etc, it is important for these to be specifically stated in the Proposal Form.
Safe/Strong Room Damage to the safe/strong room following forcible and violent entry upon the premises or as a result of a robbery or is covered.

3. Extensions
This Policy can be extended to cover
a) Personal Accident Benefit to Employees engaged in carrying cash against Death or Permanent Disablement caused by an accident whilst being so engaged, up to a limit of RM 1 0,000 per employee.


Premium: RM10 per person

b) Strike Riot and Civil Commotion Premium: 0.01% of total sum insured

4. Rate and Excess


  Money Insurance Recommended Minimum Rate Warranty /Remarks
 a Money In Premise

Money in locked drawers cash register or cabinet
 1.00% on Sum Insured for money in safe

2.0% on Sum Insured
 • Limit Sum Insured to RM10,000 or overnight safe

• Limit Sum Insured to RM2,000 for locked drawers/ cash register
 b Money In Transit 0.10% on estimated annual carrying less than RM500,000

0.05% on estimated annual carrying more than RM  500,000
 Limit sum insured to RMl100,000 max. • For Sum Insured in excess of RM 100,000.  Subject to Service of Security Co.

• For Sum Insured in excess of RM25,000. Warranted the money must be carried by 2 authorized officers, one of whom must be a management staff.
 c Money in Custody of emnloyees 3.00% on
Sum Insured
 • Limit Sum Insured to RMI0,000 and not to be left unattended

* Minimum Premium : RM50.00.

5. Recommended Excess


5.1                                                                                  Excess
                                                                                
Cases with claims/loss for the past 3 years     -5% of loss subject to minimum of RM500

5.2 Cases without claims/
loss for the past 3 years                                                  -Nil

6. Discount
The following discount off the above Money in Premises rate may be allowed.
a) Premises with Burglar Alarm System                   5%
b) Premises with Burglar Alarm System                 10%
linked to CMS
c) Premises with Burglar Alarm System                  15%
linked to CMS and with Guard response
team subscription
d) Premises with all the above (a), (b) and              20%
(c) and with 24-hour security guard

7. Rate Increase

Where a sub-standard risk with adverse risk features (as stated below) is to be accepted on an accommodation basis, the rate should be increased or lower limit of cover should be considered.
The loading factor to be applied may range from 20% to 50%.
a) Poor neighborhood
b) Remote locations
c) Easily accessible siting of safe within the premises
d) Low quality and light weight of the safe.
e) Inadequate security.
f) Poor claims experience.
g) Risks which are on our referred, special acceptance and decline list, and high hazard.

7. Referred Risks
(Acceptance of such risk is to be referred to Business Development or Branch Head)
a) Premises of class 2 construction
b) Long Transit (involving travelllng more than 20 Ian) more than RM20,000 without adequate security arrangements
c) Transit involving large amount of money (more than RM50,000) without adequate armed escorts or security arrangements
8. Special Acceptance Risks (Acceptance of such risk is to be referred to Portfolio Underwriters/ Head of Underwriting and Technical Support)
a) Premises of Class 3 construction
b) Debts Collectors
c) Money Changers
d) Security Finns
e) Business Premises with 24 hours operations
f) Petrol kiosks

9. Declined Risks (Any accommodation of such risk is to be referred to Head of Underwriting and Technical Support/ Risk Review Committee)

a) Banks & Financial Institutions
b) Professional Cash Carriers
c) Jewellers
d) Pawn brokers
e) Gaming outlets


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Product Disclosure Sheet (Please read this Product Disclosure Sheet before you decide to take up the Money Insurance cover. Be sure to also read the general terms and conditions) MONEY INSURANCE  Nov 14, 2012, 3:07 PM Simon Poon
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Payment instruction to insurer for your insurance transaction. 信用卡付款指令,保险公司的保险交易。Pembayaran Kad Kredit arahan kepada syarikat insurans untuk transaksi insurans anda.  Dec 13, 2012, 6:27 AM YVONNE WONG
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Money Insurance Proposal Form  Aug 7, 2012, 2:45 AM YVONNE WONG
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