What is Money, Securities & Payroll Robbery Insurance?
Money, Securities and Payroll Robbery Insurance provides coverage to the policyholder against loss of money, securities and payroll that occurs due to robbery, hold-up, and burglary within the Insured’s premises while contained in a lock safe or vault and while outside premises or while in transit in the personal charge of your authorized employee within the declared money routes.
Why do you need Money, Securities and Payroll Robbery Insurance?
As a business owners, trying to manage and maintain financial stability of their business, it is unfair that for all the risk taken and efforts to earn are in danger of being robbed. This product helps to relieve the financial consequences of robbery, theft, hold-up and burglary.
Protection against theft, robbery, hold-up, and burglary: This insurance product provides protection for businesses that handle large amounts of cash and other valuable assets. Such businesses are susceptible to high risk of robbery and burglary, and the Money, Securities, Payroll, and Robbery will provide coverage for such risk.
Peace of mind: A business with a high cash flow will require security. Money, Securities, Payroll, and Robbery insurance provides security and peace of mind for business owners.
Types of Money, Securities & Payroll Robbery Insurance?
Money Security, and Payroll (Inside Premises)
Covering Loss of Money and Securities due to robbery or burglary within the Insured's declared premises.
Money Security, and Payroll (Outside Premises)
Covering Loss of Money and Securities due to robbery/brigandage whilst in transit from the Insured's Premises to Insured's depository bank.
How to choose the Money, Securities & Payroll Robbery Insurance?
Assess Your Business Risks
The first step in purchasing the right insurance is accessing your business risk. Consider the amount of cash and assets handled and choose the insurance accordingly.
Inclusions and Exclusions
Check for the inclusions and exclusions provided by the insurance company. Consider if the MSRP Insurance covers all the maximum number of risks. Review the exclusions to see if they affect your potential claims.
Insurance company
Choose an insurance provider with good experience handling MSRP insurance. Additionally, check the company’s financial strength and customer service.
Cost and Value
Compare quotes from different insurers to find a balance between cost and coverage. Ensure that the policy provides good value for the premium paid and it should also cover significant risks to your business.
Key Features of Money, Securities & Payroll Robbery Insurance?
Why Choose SGI Philippines for Your Money, Securities and Payroll Robbery Insurance Needs?
SGI Philippines provides MSRP Insurance which covers for your business. It provides coverage against risks like burglary and robbery of large money and assets in the insured premises. Additionally, it provides coverage during the transportation of assets with designated routes for employees.
The SGI Philippines website is user-friendly and makes purchasing new insurance or renewing an existing one easy. Apart from the purchase journey, the claim process is easy, and the process starts within a few working days. So why wait? Get your MSRP Insurance from SGI Philippines and protect your business from risks like robbery and burglary.
01.
Money and Securities Within Premises
02.
Money and Securities Outside Premises
03.
Payroll Within and Outside Premises
04.
Extra Coverage
01
War, invasion, act of foreign enemy, hostilities, civil war, rebellion, riot and strike, flood, hurricane, windstorm, volcanic eruption, earthquake or other convulsion of nature, fire.
02
Shortage of Money or Payroll due to Error or Omission.
03
Loss caused by dishonest, fraudulent or criminal act of the Insured or any officer, employee, partner, director, trustee or authorized representative of the Insured acting alone or in conjunction with others, forgery.
Extra Coverage
1. Covering loss or damage to premises or to Locked Safe, Strongroom, Cash Register, Cash Drawer or Cash Box as a result of felonious taking of money, securities or payroll money by robbery, brigandage, theft or any attempt thereat (except by fire)
2. Loss of Container
Factors Affecting Money, Securities and Payroll Robbery Insurance Premium
01.
Nature of Business Operations
02.
Amount of Exposure/Limit per Location
03.
Frequency of Transit/Annual Turnover
04.
Security Complement per Location
05.
Loss Experience and Preventive Measures
How to Buy/Renew Money, Securities and Payroll Robbery Insurance
Fill out an application form downloadable from this website. Basic information like the following is necessarily needed and should be provided to the insurance provider.
- Name of Assured/Business Name
- Assured’s Address
- Nature of Business
- Amount of Insurance
- Location of Risk
- Money Route
- Conveyance Details
- Security Details
- Duration/Period of Insurance
- Business Permit
- Business Registry
- Articles of Incorporation
Documents Required for Filing a Money, Securities and Payroll Robbery Insurance Claim
a. Complete copy of the MSPR policy, inclusive of all endorsement list of all covered branches and OR for premium payment.
b. Investigation report of the Bank’s Security Officer, inclusive of all exhibits in the form of affidavit’s documents and other.
c. Police report and Q.A. statement of witnesses.
d. Investigation report of all banks hired security agency and inclusive OF exhibits.
e. Copy of security agreement contract between the bank and their hired security agency.
f. Mission order of all the guards assigned to the branch.
g. Written statement of all bank personnel, guards and other witnesses, as taken by the police authorities.
h. If the robbery took place in a highway and Assured used an armored vehicle or any other place outside the bank’s premises, submit further the following:
- Driver’s license and OR of the driver
- LTO Certificate of registration and OR
- Photographs
i. Audit report inclusive of all attachment
j. Photographs of the damaged premises, vault, drawers, chest, duffel bags and other items, for indemnity under Section IV.
k. Report of the bank to the CB of the Phils. within 48 hours and to local BIR office.
L. Court Records, if the suspects were immediately apprehended and also determine the amount of recovery by the police authorities. m. Copy of formal written notice of claim to Insurers.
n. Photographs or Lie detector test conducted.
o. Other suspects/witnesses, if any.
How to File a Money, Securities and Payroll Robbery Insurance Claim at SGI Philippines?
The initial step is to call up and inform the SGI Philippines Claims Team. The team will assist you with the documents needed for the claim.
01.
Fill out Money, Securities, Payroll and Robbery claim form.
02.
Provide the required claims documents.
03.
Incident Report/Police Report
04.
Proof of ownership of the affected company (For example, business permit lease of contract)
05.
Proof of stolen money (For example, Official Receipts, Sales receipts)
How to Download Your Money, Securities and Payroll Robbery (MSPR) Insurance Policy Copy
Upon purchase of the MSPR Insurance with SGI Philippines, after receipt of your payment via bank transfer or direct deposit to the bank under the account of SGI Philippines ,a PDF File of the policy will be sent to your designated email address, and you can already download or print your policy, according to your preference.
Money, Securities and Payroll Robbery Insurance Terms Explained
Securities – negotiable or non-negotiable instruments or contracts owned by the insured for which he is responsible representing money or property and includes revenue and other stamps in current use but does not include manuscripts, records, accounts, money itself or payroll money.
Money – currency, coin, bank notes and bullion, not intended for the payroll of the insured, but all being property of the insured or which he is responsible.
Key Features of Money, Securities & Payroll Robbery Insurance?
Why Choose SGI Philippines for Your Money, Securities and Payroll Robbery Insurance Needs?
SGI Philippines provides MSRP Insurance which covers for your business. It provides coverage against risks like burglary and robbery of large money and assets in the insured premises. Additionally, it provides coverage during the transportation of assets with designated routes for employees.
The SGI Philippines website is user-friendly and makes purchasing new insurance or renewing an existing one easy. Apart from the purchase journey, the claim process is easy, and the process starts within a few working days. So why wait? Get your MSRP Insurance from SGI Philippines and protect your business from risks like robbery and burglary.
How to Buy/Renew Money, Securities and Payroll Robbery Insurance
Fill out an application form downloadable from this website. Basic information like the following is necessarily needed and should be provided to the insurance provider.
- Name of Assured/Business Name
- Assured’s Address
- Nature of Business
- Amount of Insurance
- Location of Risk
- Money Route
- Conveyance Details
- Security Details
- Duration/Period of Insurance
- Business Permit
- Business Registry
- Articles of Incorporation
Documents Required for Filing a Money, Securities and Payroll Robbery Insurance Claim
a. Complete copy of the MSPR policy, inclusive of all endorsement list of all covered branches and OR for premium payment.
b. Investigation report of the Bank’s Security Officer, inclusive of all exhibits in the form of affidavit’s documents and other.
c. Police report and Q.A. statement of witnesses.
d. Investigation report of all banks hired security agency and inclusive OF exhibits.
e. Copy of security agreement contract between the bank and their hired security agency.
f. Mission order of all the guards assigned to the branch.
g. Written statement of all bank personnel, guards and other witnesses, as taken by the police authorities.
h. If the robbery took place in a highway and Assured used an armored vehicle or any other place outside the bank’s premises, submit further the following:
- Driver’s license and OR of the driver
- LTO Certificate of registration and OR
- Photographs
i. Audit report inclusive of all attachment
j. Photographs of the damaged premises, vault, drawers, chest, duffel bags and other items, for indemnity under Section IV.
k. Report of the bank to the CB of the Phils. within 48 hours and to local BIR office.
L. Court Records, if the suspects were immediately apprehended and also determine the amount of recovery by the police authorities. m. Copy of formal written notice of claim to Insurers.
n. Photographs or Lie detector test conducted.
o. Other suspects/witnesses, if any.
How to File a Money, Securities and Payroll Robbery Insurance Claim at SGI Philippines?
The initial step is to call up and inform the SGI Philippines Claims Team. The team will assist you with the documents needed for the claim.
01.
Fill out Money, Securities, Payroll and Robbery claim form.
02.
Provide the required claims documents.
03.
Incident Report/Police Report
04.
Proof of ownership of the affected company (For example, business permit lease of contract)
05.
Proof of stolen money (For example, Official Receipts, Sales receipts)
How to choose the Money, Securities & Payroll Robbery Insurance?
Assess Your Business Risks
The first step in purchasing the right insurance is accessing your business risk. Consider the amount of cash and assets handled and choose the insurance accordingly.
Inclusions and Exclusions
Check for the inclusions and exclusions provided by the insurance company. Consider if the MSRP Insurance covers all the maximum number of risks. Review the exclusions to see if they affect your potential claims.
Insurance company
Choose an insurance provider with good experience handling MSRP insurance. Additionally, check the company’s financial strength and customer service.
Premiums
Compare premiums with different insurance providers, coverage and exclusions. Also, check if the insurance can be tailored according to your business needs.
Cost and Value
Compare quotes from different insurers to find a balance between cost and coverage. Ensure that the policy provides good value for the premium paid and it should also cover significant risks to your business.
Frequently Asked Questions
Unfortunately no coverage is provided, for money kept on lockers. Insurers prefer vaults with 2 lock combinations.
For messenger on foot, closed security specially on large amount of money, unless with private service transport or armoured cars/vehicle is a requirement.