Insurance
criminal Insurance
Burglary Insurance
What does it cover?
This policy covers your business-related assets such as:
- Stock-in-trade.
- Fittings and fixtures.
- Goods held in trust or on commission.
- Machinery and tools.
- Designs, patterns and moulds.
- Office equipment of every description.
- Furniture.
It also covers damage to the property insured and/or premises due to theft.
Key Coverage
Theft-related coverage:
- Covers loss of or damage to assets within the insured business or trade premises, as a result of:
- Forcible and violent entry
- Theft or any attempt by a person hiding in the insured premises
- Hold-up or armed robbery
- Damage to the premises as a result of theft or an attempt to break in
Basic of Sum Insured
Full Value Basis : Covers the actual full value of the assets
Note : on Full Value Basis, kindly ensure the sum insured is adequate because the policy is subject to average condition.
First Loss Basis : Covers the nominated maximum limit of the policy during the period of cover
The sum insured is based on your assessment on the maximum probable loss at any one time.
What We Don't Cover
Note:Â
This list is non-exhaustive. Please refer to the sample policy contract for the full list of exclusions under this policy.
- Any person lawfully in the premises or a member of your premises.
- Hold-up or robbery unless specifically mentioned.
- Strike, riot and civil commotion.
- Premises unoccupied for over 30 consecutive days.
- Confiscation by order of any government or public authority.
- War and related risks.
- Radioactive and nuclear energy risks.
- Any act of terrorism.
Money Insurance
What does it cover?
This policy covers your cash securities:
- While it is in transit.
- Within the premises
- Money in locked safe, strong room and other receptables
Key Coverage
Transit Risk:
You are covered for the loss of money by:Â
- Its actual destruction
- Disappearance
- Wrongful abstraction (robbery)
- Whilst in transit by you or your authorised personnel.Â
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Premises Risk:
You are covered for the loss of money kept within the premises and in locked safe, strong room and other receptacles due to theft or robbery.
Basic of Sum Insured
Money In Transit:
Sum insured based on the actual maximum amount of money or securities that are typically transported from premises to bank, vice versa.
Estimated Annual Carrying:
Based on the past year actual annual carrying to estimated the current year annual carrying.
Money In Premises:
Sum insured based on the maximum amount of money or securities that are typically kept on the premises.
What We Don't Cover
Note:Â
This list is non-exhaustive. Please refer to the sample policy contract for the full list of exclusions under this policy.
- War and related risks.
- Strike, riot and civil commotion.
- Any act of terrorism.
- Confiscation or destruction by or under the order of any government or public authority.
- Forged bank or currency notes.
- Shortage due to error, omissions or accounting errors.
- Unattended vehicles.
- Use of duplicate keys unless they are obtained by threat or violence.
- Depreciation in value.
- Any consequential loss whatsoever.
- Losses arising from ionising radiations or contamination by radioactivity from any nuclear fuel, nuclear waste or nuclear weapons material.
Fidelity Guarantee Insurance
What does it cover?
This policy covers your financial loss or loss of goods arising from fraud or dishonesty by your employees:Â
- During the period of insurance and discovery period stipulated in the policy
- During uninterrupted employment of such employees.
- In connection with the occupation and duties of such employees.
Key Coverage
This policy covers covers losses caused by dishonesty or fraud committed by employees. It protects businesses against financial losses resulting from employee theft, embezzlement, or other dishonest acts.
Theft: The theft of cash, securities, or other property by employees.
Embezzlement:Â The misappropriation of funds or property by employees for personal gain.
Fraud:Â Deceptive acts or practices by employees to defraud the business.
Forgery:Â The fraudulent alteration or imitation of documents by employees.
Basic of Sum Insured
1. Fixed Sum:Â This method involves setting a fixed sum insured at the time of policy inception. This value remains constant throughout the policy period, regardless of any fluctuations in the employee’s position or responsibilities.
2. Salary Basis:Â This method calculates the sum insured based on the employee’s salary or wages. The amount of coverage is typically a multiple of the employee’s annual earnings, such as two or three times their salary.
3. Position Basis:Â This method calculates the sum insured based on the employee’s position within the company. The amount of coverage is determined based on the level of responsibility and the potential for financial loss associated with that position.
4. Special Conditions:Â Some fidelity guarantee policies may have special conditions or limitations that affect the basis of sum insured. For example, there may be a limit on the amount of coverage available for certain types of losses, or the policy may only cover losses that occur within a specific time period.
What We Don't Cover
Note:Â
This list is non-exhaustive. Please refer to the sample policy contract for the full list of exclusions under this policy.
- Indirect or consequential loss.
- Third party losses.
- Losses arising from extortion.
- Losses:
- sustained prior to policy inception.
- discovered prior to policy inception.
- discovered subsequent to termination of policy period including the discovery period.
- Stock taking or inventory losses.
- Losses resulting from:
- ionizing radiation.
- contamination by radioactivity from nuclear fuel, nuclear waste or nuclear weapons material.
- Losses caused by acts of terrorism.Â