Money Loss

Money Loss

Cash flow is the life blood of every business, which means the loss of money to theft, dishonesty or physical destruction can seriously threaten operations. Compendium’s insurance against money loss is a flexible policy which you can adapt according to a multitude of factors.

This insurance indemnifies you for loss of money:

  1. whilst on your premises during business hours
  2. whilst in transit
  3. from a locked safe or strong room (including damage to the safe or strong room)
  4. whilst out of the safe or strong room whilst the portion of the premises containing such safe or strong room is unattended (restricted to R1 500).

Loss or damage to the safe or strong room is also covered up to R5 000.

Please note: The ‘average’ does not apply here. You select the sum insured based on the maximum amount at risk at any one time.

Other cover options and conditions:

  • Seasonal increases in cover can be arranged for busier periods such as Christmas and other holidays.
  • For the full insured amount to apply certain categories of safe and conditions relating to money in transit need to be adhered to.
  • Loss of money arising from the dishonesty of any principal, or of persons in the employ of the insured, must be discovered within 14 working days to validate a claim, and is subject to a separate excess (first amount payable by you). The incident must be reported to the police and a successful charge laid against the employee.
  • Should you require cover for money in the custody of collectors, this must be specified in the schedule.

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