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Fidelity Guarantee, Money, Burglary And Fire Insurance

  • Fidelity Guarantee:

Fidelity guarantee insurance is a form of insurance policy that protects a company or an organization against loss of money or valuable stock as a result of shady or fraudulent activities of her employees. It is a form of crime insurance to protect company properties from bad employees. This policy provides cover for losses resulting from the following:

  • Fraud
  • Loss of property
  • Loss from loans or trading
  • Dishonesty
  • Embezzlement
  • Theft of property and electronic transfer of insured account through a financial institution.

Why do you need fidelity guarantee insurance?

Companies whose employees have access to or are exposed to cash and company assets are at great risk of financial losses through these employees. The transfer of cash through online transactions and other electronic forms have increased the level of financial losses through employees too. It is pertinent to reduce the potential losses that may arise from infidelity of employees by purchasing fidelity guarantee insurance as a risk management tool for your business to avert or reduce the risk.

  • Burglary Insurance:

This policy covers business premises or private premises (residential or non-residential buildings) against burglary and house breaking only and does not include losses through other perils. The properties in the insured premises can only be claimed when lost within the insured premises.

The requirements for getting this type of policy may depend on the location of the building. For example, buildings in isolated locations or not occupied at night may find it difficult to meet the requirements for this type of insurance policy. The security lights must be on in and around the premises at night. Every time a claim is made, the sum insured reduces unless payment is re-instated by additional premium. To know more about this type of policy, a potential insured person should make the necessary inquiries from the insurer to understand exclusion clauses and requirements for having a building eligible for burglary insurance.

  • Fire Insurance:

This policy covers material damage caused by fire or lightening or explosion to your building, office furniture, equipment and stock of various kinds. It does not cover explosions due to terrorist attacks. Sometimes, this class of insurance depending on the insurer can be extended to cover the allied perils of flood, bursting, leaking or over-flowing of water pipes, apparatus and tanks, storm damage, aircraft crash, riots and strikes as well as malicious damages, etc. Whether it’s your home or your business, you have probably invested a considerable amount of time, effort and money in your property. Fire insurance will protect your property and investments against loss or damage from perils such as fire, lightning and flooding. Some of the contents of the building are also covered in a fire policy. When fire cases occur, you will be allowed to continue your business because a temporary apartment will be provided for you.

  • Money Insurance:

This is an insurance policy that covers the loss or damage to insured money. This business insurance policy has very specific conditions for which lost or stolen money can be claimed. The money must be kept in a securely locked safe outside working hours, within the premises during working hours and/or the money must be in transit. Most insurance companies extend the money insurance policy to cover losses while the money is in the custody of designated or authorized personnel of the insured business. There are some exclusion clauses associated with money insurance policy which should be well discussed with the insurer before purchasing this policy.

The insurer needs to know the following information before going into an insurance contract with you:

  • The extent to which your business is exposed to theft and the amount of money exposed outside a locked safe within your premises during working hours.
  • Maximum amount of money you usually handle or carry while on transit.
  • The maximum amount of money you are likely to hold in your safe during and after working hours including the value and make of your safe.
  • An estimate of the amount of money you plan to carry for your yearly transactions.

 The recent rise in the rate of daylight and night robbery by hoodlums in Nigeria is a solid reason for businesses that handle lots of cash within their premises and also move cash in transit from one location to the other to get a money insurance policy that will reduce the level of risk their businesses are exposed to while handling large volumes of money.

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