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TWO TYPES OF POLICIES
·
SCOPE OF COVERAGE
·
REDUCTION OF INSURANCE-RESTORATION
The two types of MSPR
Policies are:
1.
COMPREHENSIVE FORM
Provides
coverage against loss by any cause except fraud and criminal
acts of the Insured’s employees, forgery, war risks,
convulsion of nature. It also includes damage, actual
destruction and wrongful taking of the money, securities or
payroll money.
2.
ROBBERY FORM
Provides
a limited form of cover against losses outside the insured’s
premises by robbery, brigandage, or theft and losses within
the premises following upon violent and forcible exit and
there from.
SCOPE OF COVERAGE:
1. Section I
- Loss of Money and Securities within the premises
2. Section II - Loss of Money and Securities outside the premises
3. Section III - Loss of Payroll within and outside the premises
4. Section IV - Inclusive Extra Income:
Under
Sections I and/or III- Damage to premises or to locked
safe, vault, strong room, cash register, cash drawer, or cash
box.
Under
Sections II and/or III- Loss of Container
REDUCTION OF
INSURANCE-RESTORATION
Indemnification by the insurer for any loss under any
SECTION of the policy shall reduce the relevant limit for that
Section by the amount of such indemnification as of the date
and hour at which the Insured notified the insurer. Upon
payment of the pro-rata additional premium by the Insured, the
limit maybe restored to the original amount until the next
renewal. |
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