Money is always susceptible to mishaps such as burglary and the like. To protect against this risk, “Money Insurance Cover” may be purchased.
Money shall mean cash, notes, cheques, securities, stamps and the like.
This cover is available against risks whilst;
- In transit from premises to bank and vice versa.
- In a safe, in office premises.
- Out of the safe during working hours.
- In a Banks’ safe.
- In the care & custody of company’s designated staff.
- Other Extensions incidental to Money Insurance can also be provided. These can be tailor made to the exact requirements of the customer.
In granting the “Money Insurance Cover”, the following factors are taken into consideration:
- Estimated annual carrying
- Maximum limit for any one carrying
- Maximum limit for safe-keeping at any given time.
The premiums are calculated on the estimated annual carryings and amount of money in the safe or on the premises. Furthermore the premiums are based on the nature of the business, location and the security measures in place. For a thorough understanding of the product, please refer to our standard policy terms and conditions. Exclusions under the policy are;
- Theft by own employee.
- Money out of safe.
- Loss of premises following use of key, unless, key is obtained violent behavior of threats.
- Shortage due to errors of omission and commission.
- War and like activities.
Despite the best internal control measures in any corporate activity, mishaps like misappropriation and embezzlements by employees do take place. Fidelity Guarantee Insurance Policy protects employers against such exposures.
Employers should consider the following points while opting for Fidelity Guarantee Insurance.
- Number of employees handling cash, valuables or stocks & bonds.
- Limits of exposures.
- Employees status and credibility
The policy covers any loss caused due to any act(s) of Forgery or embezzlement, larceny & /or fraudulent act committed by an employee in the course of their duties. The premiums are calculated on the basis of aggregate limit of indemnity in addition to per capita premium.
This cover operates 24 hours and on a worldwide basis. It provides for payment of specified capital benefits following accidental death, bodily injury, permanent total disablement, and permanent partial disablement, temporary total and temporary partial disablement caused by an accident.
In addition, the cover also provides reimbursement of emergency transportation to the nearest hospital and also expenses incurred for preparation and repatriation of the mortal remains of the insured person from the place of death to the country of residence.
This cover can also be extended to cover medical expenses. Cover:
- Accidental death: compensation is 100% capital sum insured.
- Permanent total disability: compensation is 100% capital sum insured.
- Permanent partial disability: compensation is as per continental scale.
- Temporary total disability: compensation is calculated on the basis of salary with a maximum of 52 weeks.
- Medical expenses: compensation up to AED 5,000/- per person per injury.
- Repatriation expenses: compensation for transportation or burial up to AED 5,000 per person.
Premiums are based on the sum insured selected, age, nature of work, salary levels and the optional benefit selected.
Workers in any organization are exposed to work related accidents and are therefore well protected under Sudan Laws and subsequent amendments thereto. The Federal Law of UAE makes it mandatory for the employers to pay compensation to the employee(s) due to an accident arising out of and in the course of their employment.
Workmen’s Compensation Policy indemnifies the employer against all sums payable under the U.A.E. Federal Law No. 8 of 1980 and subsequent amendments to pay compensation to any employee due to accident arising out of and in the course of employment.
The Extensions available to this insurance are;
Medical Expenses: Medical expenses benefit for work related accidents for up to SDG 10,000/- per person, subject to the treatment being confined to Sudan Government hospital/clinics. (higher limits and private hospitals / clinics can be opted at extra premium).
Expenses for Repatriation: Repatriation expenses for transporting the deceased body following a work related accident up to SDG 5,000/- per person. (Higher limits can be considered at an extra premium).
Employer’s Liability: Up to SDG 1,000,000/-Any One Accident &/or in the annual aggregate.
The premium rate is applicable on the Estimated Annual Earnings of the employees which is adjustable at the end of the policy period based on the actual annual earnings. The premium chargeable depends on the nature of work, risk involved for the cover/extensions to the policy.
We recommend a reference is made to the standard policy wording for a proper understanding of the nature, scope, terms and conditions of the insurance.