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BURGLARY INSURANCE

The cover for Burglary is availed in conjunction with the Fire & Lightning or Fire and Allied Perils in either combined or separate contracts the latter of which would require that a Fire insurance policy be in force. The Burglary insurance covers losses &/or damages due to "Housebreaking" which includes:

  • Theft of property from Insured's Premises following upon felonious entry to the said premises by violent and forcible means or
  • Theft by a person in the premises who subsequently breaks out by violent and forcible means provided there shall be visible marks made upon the premises at the place of entry or exit by tools or some other materials.

The Sum Insured may be either on the basis of the actual value or the new replacement value of the property but should be adequate to cover the total exposure. The Insured should be able to provide the sum Insured but may seek help of our underwriters to determine how to do so. There is also an opportunity for insuring goods/stock on First Loss Basis. The Sum Insured is very important and needs to be given due consideration to avoid application of Average in the event of a claim. The rate chargeable is always applied on the Total Sum Insured and is very dependant to the nature of risk, location, security measure in place and the housekeeping in addition to a number of other Conditions.

FIDELITY GUARANTEE



No matter how employers of different organizations place security and surveillance in their procedures and activities, mishaps due to misappropriation and embezzlement of property by employees, although rare, can occur. Incidents of such mishaps worry a number of employers. Whilst a number of insurance policies exclude infidelity incidents by employees, the Fidelity Guarantee insurance is specifically designed to protect such misappropriation incidents by employees. When opting for fidelity guarantee cover, employers should consider one or more of the following items:

  • Number of employees handling monies, valuable or convertibles, stock etc
  • Limits being exposed to such employees
  • Eligibility and legal status of such employee to the organization

At TRUST YEMEN INSURANCE AND REINSURANCE CO. we offer a Fidelity guarantee policy that covers any loss caused due to any act(s) of Forgery or embezzlement, larceny &/or fraudulent conversation committed by an employee in the course of their duties. The rate chargeable is always applied on the Total Aggregate limit of indemnity in addition to per capita (additional charges per employee) Forgery Expression forgery means the forging or fraudulent alteration of any document or fraudulently altered document by the employee(s) whereby he obtains possession of monies or goods of the employer.

Money Insurance



Money like any other property is susceptible to loss and damage. At TRUST YEMEN INSURANCE AND REINSURANCE CO. We offer money insurance, an All Risk cover with some exclusions, which can be referred to in the policy. Essentially Money refers to cash, notes, cheques, and securities for money, stamps, postal and money orders. This cover is for money:

  • In transit to and from premises and bank
  • In a safe at the premises
  • Out of a safe in working hours at the premises
  • In the care of company’s responsible staff
  • In a private dwelling of employees overnight
Under Money insurance, various extensions are also available that can provide wider cover. This can be requested and at the insurers discretion can be included:

  • Personal accident cover to employee carrying the money
  • Damage to carrying employee's clothing following assault
  • Out of safe - out of business hours
  • Extension on Geographical area of cover
  • Specific subject matter inclusion like "Bullion, etc"

To provide cover for the money insurance consideration is given on the limits - the Estimated Annual Carrying, maximum limit of any one carrying and maximum limits available in the safe or premises at any given time. The rate chargeable is always applied on the estimated annual carrying and limit of money in safe/premises. The charges are dependant to the single carrying limit, no. of persons involved in carrying the money, location and the security measures in place. There are a number of other Conditions to refer to. Exclusions The exclusion under the money insurance are as follows:

  • Theft by employees
  • Loss from premises following use of a key unless key obtained by violence or threats thereof
  • Shortages due to error or omission
  • War, rebellion, usurped etc, nuclear risks
  • Losss of money left in unattended vehicles

BANKER’S BLANKET BOND



The Banker’s Blanket Insurance comprises a number of insuring clauses which can be availed of in whole, or be tailor-made to fit every customer’s specific needs. The following are the insuring clauses:

  • INFIDELITY OF EMPLOYEE: Provides coverage for any loss due to misappropriation or embezzlement by the Insured's employee.
  • ON PREMISES: Provides coverage for loss and/or damage to the Insured's property due to various perils including fire while inside the premises where the Insured or others carry out business (this should be clearly defined when opting for this clause).
  • IN-TRANSIT: Provides coverage for loss and/or damage to the Insured's property while in-transit to and from premises along the defined geographical area.
  • FORGERY AND ALTERATION: Provides cover against a financial loss, which results from having acted in good faith upon “written instruments” or “payment instructions”, if these prove to be forged, or fraudulently altered, lost or stolen, or forged as to signature.
  • SECURITIES: Provides cover for losses arising from situations where the institution has “acted upon” (e.g. accepted as collateral) any forged or fraudulently altered securities.
  • COUNTERFEIT CURRENCY: Coverage in this respect indemnifies the institution for losses sustained as a result of its acting upon any counterfeit currency, for example the encashment of counterfeit currency handled during the normal course of business. This coverage is particularly beneficial for those institutions which handle foreign currencies.
  • OFFICE AND CONTENTS: Provides cover in respect of the cost of replacing equipment and the reconstruction of premises due to loss or damage incurred as a result of robbery, hold up or burglary. This section of coverage will not include losses due to fire, either in respect of damage to buildings or general office contents.

In addition to the above, this policy can also be extended to provide cover for losses resulting from electronic and computer crime through different insuring clauses.

Premium chargeable is based on the limit of indemnity required (which again is based on values exposed or at risk), insuring clauses opted for, territorial scope, extensions required apart from security measures, internal procedures & practices. Please check the Deductibles and conditions applicable to this policy.