Money Insurance in the UAE

Money Insurance may cover eligible loss of declared money belonging to the insured business or for which it is responsible. Cover may apply while money is being transported, held at the insured premises during business hours or secured in an approved safe outside business hours.

The meaning of money is determined by the issued policy. It may include cash, banknotes, coins, cheques or other specified negotiable instruments when expressly included. Cover remains subject to the policy schedule, section limits, deductibles, security requirements, conditions and exclusions.

What Money Insurance May Cover

Depending on the issued policy, cover may include:

1. Money in transit: Eligible loss while money is being carried between declared business premises, banks, customers or other approved locations.
2. Money on the premises: Eligible loss while money is held at the insured premises during declared business hours.
3. Money in a safe: Eligible loss from an approved locked safe or strongroom outside business hours.
4. Damage to safes: Eligible physical damage caused by thieves or attempted thieves to a safe containing insured money.
5. Money with authorised employees: Cover may apply while money is carried by employees or security providers accepted under the policy.

Theft, robbery, burglary, fire or other events are not automatically covered merely because money has been lost. The circumstances must fall within the relevant policy section, and all applicable security and reporting conditions must be satisfied.

Who May Need Money Insurance?

The policy may be relevant to businesses such as:

1. Retail shops, supermarkets and shopping outlets.
2. Restaurants, cafés and hospitality businesses.
3. Clinics, pharmacies and service providers receiving cash payments.
4. Wholesalers, distributors and businesses making regular bank deposits.
5. Offices responsible for petty cash, collections or payroll money.
6. Other organisations that regularly hold or transport money.

Important Policy Conditions

1. Section limits: Separate limits may apply to money in transit, on the premises and secured in a safe.
2. Authorised custodians: Transit cover may apply only when money is carried by declared employees or approved security providers.
3. Safe requirements: The safe type, construction, location and locking arrangements should meet the conditions accepted by the insurer.
4. Key and combination control: Safe keys and access codes should not be left at the premises outside business hours unless permitted by the policy.
5. Cash records: The insured should maintain suitable transaction, reconciliation and deposit records.
6. Material changes: Changes to locations, cash volumes, transit methods or security arrangements should be disclosed to the insurer.

Money in Transit

Transit cover normally applies only during an authorised journey and within the geographical limits stated in the policy. The insurer may consider the maximum amount carried, frequency of journeys, route, distance, number of custodians and security arrangements.

Money left unattended in a vehicle, stored overnight away from an approved location or carried outside the declared arrangements may not be covered.

Money in Safes and on the Premises

Outside business hours, money may need to be kept in an approved locked safe or strongroom. Cash left in tills, drawers, cabinets or other unsecured locations may fall outside the policy conditions.

Cover for money during business hours may be subject to a separate limit. Higher amounts held during weekends, holidays, salary periods or seasonal peaks should be disclosed when requesting a quotation.

Common Exclusions and Limitations

Money Insurance may exclude or restrict:

1. Employee dishonesty: Theft or fraud committed by an employee may require separate Fidelity Guarantee Insurance.
2. Unexplained shortages: Accounting errors, cash discrepancies or shortages discovered only during reconciliation.
3. Unattended money: Money left in an unattended vehicle or unsecured location.
4. Failure to follow security conditions: Including safe, key, escort or transit requirements stated in the policy.
5. Loss outside declared limits: Amounts above the section limit or carried outside agreed locations and routes.
6. Cyber and electronic losses: Unauthorised electronic transfers, cyber fraud and digital payment losses may require separate insurance.
7. Excluded events: Confiscation, deliberate acts, war and other exclusions stated in the issued policy.

What to Do After a Loss

1. Take reasonable steps to prevent further loss.
2. Notify the police promptly in the event of theft, robbery or burglary.
3. Notify Al Buhaira Insurance as soon as reasonably possible.
4. Preserve CCTV footage, access records and relevant evidence.
5. Keep cash records, bank documents and reconciliation statements.
6. Do not admit liability or agree to a settlement without prior approval.

How to Request a Quotation

Businesses can submit initial information through Al Buhaira Insurance’s dedicated Money Insurance quotation page. The assessment may consider business activities, premises, maximum cash holdings, transit amounts, journey frequency, safes, security arrangements and previous claims.

A quotation does not confirm that insurance has started. Cover begins only after the required information has been reviewed, the offered terms have been accepted and the applicable policy documents have been issued.

Documents Required

The insurer may request documents and information such as:

1. Completed proposal or quotation form
2. Trade licence and company details
3. Business activity and premises details
4. Maximum money held during and outside business hours
5. Maximum amount carried in any one transit
6. Transit routes, frequency and custodian details
7. Safe or strongroom specifications
8. Key and combination-control procedures
9. CCTV, alarm and premises-security details
10. Cash-handling and reconciliation procedures
11. Security-company agreement, where applicable
12. Previous insurance details and claims history

Why Choose Al Buhaira Insurance?

1. Miscellaneous insurance range: Money Insurance is available within Al Buhaira Insurance’s miscellaneous insurance products.
2. Dedicated quotation page: Businesses can submit their initial premises, cash and transit details online.
3. Risk-based assessment: Quotations can consider declared cash limits, transit arrangements, safes and security controls.
4. Policy and claims enquiries: Customers can contact Al Buhaira Insurance regarding issued terms or a loss under an existing policy.

Frequently Asked Questions