The two types of MSPR Policies are:

  • 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.

  • 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

  • Section I - Loss of Money and Securities within the premises
  • Section II - Loss of Money and Securities outside the premises
  • Section III - Loss of Payroll within and outside the premises
  • 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.