Money Insurance Policy

The insured by the proposal and declaration has applied to the Corporation for the insurance hereinafter contained and has paid or agreed to pay the Premium;

Except for the exclusions stated in the policy the Corporation will indemnify the insured for loss or damage to his money or for which he is responsible occurring during any period of insurance not exceeding the limit of liability any one loss.

The money policy provides cover in the following circumstances:-

• from premise to bank
• from bank to premise
• other transit
• cash in safe
• loss or damage to any safe or strong room
• Exceptions

The Corporation shall not be liable in respect of:-

Any consequence whether direct or indirect of:- war, invasion, act of foreign enemy, hostilities or warlike operations (whether war be declared or not), civil war, mutiny, riots, civil commotions, military or popular rising, insurrection rebellion, revolution, military or usurped power etc.
Any loss arising from the dishonesty of any messenger or employee of the Insured;
(i) shortages due to errors or omissions;
(ii) loss due to depreciation in value;
d) Any loss directly or indirectly caused by;
(i) Nuclear weapons material;
(ii) Ionizing radiations or contamination by
radioactivity from any nuclear fuel or from
any waste from the combustion of nuclear
fuel.
Any loss occurring elsewhere than in Ethiopia.
Loss or damage insured by any other policy or policies.
Loss from an unattended vehicle.

Conditions

1. This Policy and the Schedule shall be read together and any word or expression to which a specific meaning has been attached in any part of this Policy or of the Schedule shall bear such meaning wherever it may appear.
   2. The Insured shall take all ordinary and reasonable precautions for the safety of the money.
   3. On the happening of any event likely to the subject of a claim under this policy the Insured shall:
   immediately give notice to the Police of any loss and take all practical steps for the discovery and punishment of the guilty person or persons and for tracing and recovering the property lost;
   immediately give notice in writing to the Corporation and shall within fifteen days of such further time as the Corporation may allow deliver to the Corporation a detailed statement of the claim and shall furnish all such explanations vouchers, books, proofs of ownership and other evidence as may be required to substantiate the claim and shall if required make statutory declarations of the truth of the claim. The Corporation shall not be liable in respect of any loss of which it has not received notice within seven days of its occurrence.

If any claim fraudulent or intentionally exaggerated or if any false declaration or statement be made in support thereof then the Corporation shall be under no liability in respect of such a claim.

4. The Corporation shall in its own or the Insured’s name take steps for the recovery of any property lost or for securing reimbursement in respect of any loss and the Insured shall be bound to give the Corporation all information and reasonable assistance. Any property recovered after settlement of any claim shall belong to the Corporation not exceeding however the amount paid by the Corporation.
5. If any part of the Premium is calculated on estimates furnished by the Insured the Insured shall keep an accurate record and shall at all times allow the Corporation to inspect such record. The Insured shall within one month from the expiry of each period of insurance furnish to the Corporation such particulars and information as the Corporation may require. The premium for such period shall be adjusted and the difference paid by or allowed to the Insured.
6. The observance and fulfillment by the Insured of the terms and conditions of this Policy and any endorsements, which may be made, shall be a condition precedent to the Insured’s right to recover. Of the Insured, either in the proposal or in any statement made on any renewal of this insurance, or in connection with any claim make any misrepresentations or intentional overstatement the Policy shall be void and all premium paid hereunder shall be forfeited.
7. The Corporation may cancel this Policy by sending fifteen days notice by registered letter to the Insured at his last known address and in such event the premium shall be adjusted in accordance with condition 5.

8 All disputes arising under this Policy shall, if required by the corporation be referred to arbitration.

9. The Corporation shall in no case be bound to accept notice of any transfer of interest except to a transference approved by the Corporation.

 

Note:

This article is prepared to elaborate about Money Policy. Therefore, legally it shall not come into force.