Fidelity & Money
How much cash money does your property insurance cover? Many businesses believe they are adequately covered for their cash, when in fact their sums insured are significantly less than the amounts regularly held. In these scenarios, a standalone fidelity and money policy can provide total peace of mind.
Howden can design coverage including elements of fidelity, money, crime and cyber insurance.
What is Fidelity Insurance?
Fidelity Insurance covers direct financial losses as a result of dishonesty by your employees, either alone or in collusion with others. This usually means fraud.
What does Money Insurance cover?
Money Insurance covers robbery or theft of money carried by yourself or authorized persons while in transit or within your business premises.
Such policies define money as cash, bank drafts, currency notes, treasury totes, cheques, postal orders and current postage stamps. They can sometimes include other things too, with policies designed to fit your needs on request.
Do I need both?
Both policies cover different ways criminals can relieve you of your money. That’s why insurance markets tend to group these two risks together.
How are the premiums calculated?
Premiums are priced according to your unique risk. They are calculated from:
- Location of Risks
- Money Routes and carrier
- Method of Transportation
- Frequency of Money movements
- Cash limit/exposure (highest and average)
- Security Arrangement/procedures
- Background, position, years of service of the employee who will transport the money
- Security/Auditing Procedures
- Lost History
Your Howden broker will
- Present your case to the insurance markets in the best possible light, to help achieve the best possible price
- Advise on risk management to lower your chances of an incident (which can also help reduce price)
A word on claims
When it's money that’s been suddenly taken out of your business, your very liquidity is on the line. That’s why we strive to get all claims paid extremely quickly. To us, that means building the policy clauses to take away the ambiguity that keeps insurer decision-making dragging on. And if there is any confusion, stepping assuredly into the debate, always.
Who is the cover with?
Howden access a wide variety of participating insurers, connecting with both local markets and international markets in order to provide maximum financial stability.
Fidelity and Money coverage is often included in-home or industrial contents policies – but that amount of coverage doesn’t suit everyone. For businesses and individuals with higher risk profiles, a standalone Fidelity and Money policy proves useful.