Money Services (MSB) Insurance
Our Money Services Insurance are uniquely tailored asset protection insurance solutions for Money Changers or collectively known as Money Services Businesses. We understand the immense risk your business is facing on daily basis. You will agree that, your business can be an easy and lucrative target for robberies and break ins. The potential loss arising from such mishap can be devastating and it can cripple your business activities.
With our money services insurance coverage, we provide you protection for cash and notes in your working business environment. This is a 24 Hours coverage that includes during your operational and non-operational hours.
In your line of business, you can be moving around with plenty of cash in your pocket. You can become an easy target for robbery. Now with our insurance protection, your money can be insured against theft and robbery during transit.This is an important insurance policy to be considered if you are a money services business owner.
Money Services Insurance policy, primarily protects business owners from loss arising from robbery during and after business hours. A comprehensive money changers insurance policy can be tailored to provide you coverage on your property, against loss arising from Fire & lightning explosions, aerial device explosion, flood, leakage of water pipes, damage due to burglary or theft and impact to property by road vehicles. Even though it sounds like general property insurance, it is unique in nature as it is designed for your business nature.
In your nature of money services business (money changers), you could be keeping large amount of cash in your business premise. Unlike general property insurance, Money Services insurance covers your stock (money) in premise. This is important coverage for business owners of this nature. In the event of robbery, you are protected against your stock loss that can curtail your business operations.
In your nature of business, you may be moving around with cash to the banks or to other business locations. Having cash in your pocket, exposes you immensely to high potential for robbery. Money services insurance also covers cash in transit. In the event, you have lost your cash due to robbery on the way to or from the banks or from other business location, the insurance will indemnify your loss to the limit.
You entrust daily business transactions to your employees. You have trusted and placed your faith in them to conduct your business in most ethical manner. Unfortunately, you will never know when there is change in your employees personal or financial life. Financially handicapped employees may decide to make off with your business cash. Since this is a form of internal theft, Money Services Insurance can provide you with additional Fidelity Guarantee insurance coverage. This add on coverage helps you recover your loss in the event your cash has been embezzled by your employees.
Depending on the type of coverage and the amount, the requirements can vary. Here are some general requirements that is expected in order to consider your business for Money Services Insurance considerations.
- You should keep proper business records such as sales, purchase and other transaction
- Your business premise should be installed with proper alarm system
- Your business premise should be installed with proper CCTV system
- You should have proper SAFE or Vault setup
- Other requirements may apply
The actual cost depends on your security arrangements and your coverage requirements. There is no fixed cost that fits all businesses. The great news is, At JA Assure, we provide you one of the lowest premium rates in the market. Generally, our premiums are more competitively priced than the current market rate.
The information provided in this section meant as general information to help you better understand the product coverage. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions expressly stated in any contracts of insurance.