Money like any other property is susceptible to loss and damage. At TRUST YEMEN INSURANCE AND REINSURANCE CO. We offer money insurance, an All Risk cover with some exclusions, which can be referred to in the policy. Essentially Money refers to cash, notes, cheques, and securities for money, stamps, postal and money orders.
This cover is for money:
- In transit to and from premises and bank
- In a safe at the premises
- Out of a safe in working hours at the premises
- In the care of company’s responsible staff
- In a private dwelling of employees overnight
Under Money insurance, various extensions are also available that can provide wider cover. This can be requested and at the insurer's discretion can be included:
- Personal accident cover to employee carrying the money
- Damage to carrying employee's clothing following assault
- Out of safe - out of business hours
- Extension on Geographical area of cover
- Specific subject matter inclusion like "Bullion, etc"
To provide cover for the money insurance consideration is given on the limits - the Estimated Annual Carrying, maximum limit of any one carrying and maximum limits available in the safe or premises at any given time.
The rate chargeable is always applied on the estimated annual carrying and limit of money in safe/premises. The charges are dependant to the single carrying limit, no. of persons involved in carrying the money, location and the security measures in place. There are a number of other Conditions to refer to.
- The exclusion under the money insurance are as follows:
- Theft by employees
- Loss from premises following use of a key unless key obtained by violence or threats thereof
- Shortages due to error or omission
- War, rebellion, usurped etc, nuclear risks
- Loss of money left in unattended vehicles