GENERAL CONDITIONS OF INSURING
CASH IN THE SAFE AND TRANSIT

General conditions of the contract for insuring Cash in the safe and transit, here forth shall be known as “Insurance conditions”. 

The Insurance Company “SIGKOS” sh.a. in Prishtina, here forth shall be called “The Insurer”.

The physical or legal entity, whose property is covered by the insurance conditions, here forth shall be called “The Insured”.

The contract for insuring Cash in the safe and transit, bound between the insurer and the insured, here forth will be referred to as “The insurance policy”.

SECTION 1 – INSURING CASH IN SAFE (CIS)

THE OBJECT MATTER OF INSURANCE

Notes of different currencies are covered up to the limit stated in the insurance policy. The insured object matter can be at the property of the insured or in possession of the insured in any form or shape that makes the insured liable for its loss.

TERRITORIAL COVER

This insurance covers the head office, branches, wickets and ATM-s in the territory of Kosova.

INSURED RISKS

The insurer indemnifies the insured for loss of or damage of property as a result of theft through forced entry and/or exit from the insured location. The property is covered by insurance while it’s in the safe and/or wicket/till.

EXCLUSIONS

Cash in the Safe (CIS) insurance does not cover damages that are caused directly or indirectly by:

• Mysterious disappearance;
• Conning and not trustworthiness of employees.

This insurance does not cover damages caused directly or indirectly as a result of war, conquering, invasion, acts of foreign enemies, war activities (irrespective if war was declared or not), civil war, civil unrest, revolution, rebellion, military or invasion powers, confiscations or nationalizations or requisition or destroying of property by or according to orders of any government or public or local authority.

This insurance will not cover damages/losses, liability or expenses caused directly or indirectly as a consequence of:

• Ion radiation or radioactive contamination by nuclear matters or explosion of nuclear matters;
• Radioactive, toxic, volatile matters or other dangerous or contamination matters from nuclear plants, nuclear reactors or other nuclear units or nuclear elements;
• Any weapon of war that uses nuclear splitting and/or rejoining or similar.

INSURANCE PREMIUM RATES

Premium rates will be set according to the amount insured, preventive measures taken and transportation conditions. The premium rate will be calculated individually for every insurance policy.

THE INSURANCE PREMIUM

The insurance premium is calculated by multiplying the premium rate with the amount insured.

The premium can be paid in full or in instalments, according to these rules:

• If the insurance period is shorter than one year, as a rule, the insurance premium will be paid in full;
• If the insurance period is one year, as a rule, the insurance premium shall be paid in two instalments.

In the situations of payment of premium in two instalments, the date of the second instalment shall not be later than four months from the date of payment of first instalment.

The payment of the full premium or instalments is carried out at the bank account of the insurer or at the till of the insurer’s branch that issues the insurance policy.

The payment will be considered complete at the moment of transfer of the agreed amount into the insurer’s bank account or its till.

The insurance premium is paid in the currency specified by the insurance policy.

EXCESS

At the occurrence of the insured situation, an excess will be applied. The excess will be specified in the insurance policy, but it cannot be more than 25% of amount insured.

The insurer is not liable for the excess specified in the insurance policy which is the amount of loss to be carried by the insured in each occurrence.

INSURANCE POLICY

The insurance policy is bound based on the written request of the insured. The insurer will issue the insurance policy and sets the premium based on the information and declarations provided by the insured. Additional requests, notifications and declarations by the insured, should there be any, will be annexed to the insurance policy.

The insured, by signing the insurance policy, accepts the responsibility for the accuracy and genuineness of the provided information and declarations by him/her.

The insurer is entitled to challenge the genuineness of the provided information and declarations and carry out inspections to gather more data.

The insurance policy can be terminated at any time by the insured by addressing a proper written request to the insurer. In this case the insurer has the right to retention of the amount premium proportional to the indemnified losses and the period of coverage.

The insurance policy can be terminated by the insurer by written notification of the insured 30 calendar days before the date of termination. In this situation, the insurer will retain the amount of premium proportional to the period of coverage by the insurance policy.

The insurance policy is valid for 15 days after the obligation to pay the second instalment of insurance premium has commenced.

Failing to pay the second instalment of insurance premium will carry the following consequences:

• Gives the right to the insurer to cancel the Insurance policy;
• Legalizes the reduced indemnification to 50 percent on damages and losses verified before the end of coverage period according to the first instalment of insurance premium;
• Obliges the insured to repay 50% of the indemnity received.

Conditions set on the insurance policy cannot be changed without the annex which is a part of the policy and is signed by the insurer or representative of the insurer. By accepting the insurance policy the insured agrees that the insurance policy includes all existing agreements between the insured and the insurer or its agencies in respect to this insurance cover.

INSURANCE PERIOD 

The insurance period, as a rule, is 1 year unless it is stated otherwise in the insurance policy, but it cannot be shorter than 3 months.

The insurance cover commences at 24 o’clock of the day specified in the insurance policy, provided that the premium or the first instalment of premium has been paid.

OBLIGATIONS

The insured is obliged to:

• To act according to the warranties and rules of insurance specified in the insurance policy and show due care in preventing the loss;
• To register the insured property according to the law and in such a way that the insurer can evaluate exactly the amount insured and the amount of loss.

THE INSURED EVENT

It is a condition upon the liability of the insurer that any event that can give a rise to a claim, the insured should immediately: 

• Inform the appropriate authorities (i.e. police) and provide them with the necessary assistance for identifying and catching of the person/s responsible for the damage/loss and recuperation of the stolen property;
• To notify the insurer in writing;
• To provide the insurer with all the required information and assistance.

In case that the insured makes a claim while knowing that is untrue or fraudulent in respect to the amounts or any other fact, the insurance cover seizes and all claims in reference to this case are cancelled.

THE APPRAISAL

The insurer must start the appraising of the damage within 10 days from the written notification by the insured.

In the situation where the appraisal provided by the insurer is not acceptable partially or fully by the insured, the insured must notify in writing the insurer within 3 days from receiving such document.

In order to resolve the disagreement, both parties appoint an independent expert or a group of experts consisted of their representatives or independent ones. The expert or the group of experts mentioned above cannot re-appraise or continue the re-appraising when other damages to the insured property are established. If such situation occurs, the appraisal procedures should be carried out according to the following article:

The experts should:

• Verify and explain the circumstances under which the event took place;
• Verify the accuracy of the declarations or descriptions that stem from the contractual acts and establish if at the moment of loss occurring there where factors that altered the risk and have not been noted properly;
• Verify if the insured has fulfilled its obligations;
• Appraise the damage according to the conditions of insurance and insurance policy.

THE CLAIM

The insured, in order to get indemnified submits the form provided by the insurer. The insurer compensates the loss after the final appraisal is concluded and only if the written request (the form) is submitted by the insured.

INDEMNITY

The insurer pays or refuses payment within 30 days from the day the claim is made. The starting of this deadline is suspended for as long as it is made impossible to the insurer by the insured to appraise or pay the loss.

The insurer can postpone compensation of the loss:

• For as long as there are doubts on the right of the insured to receive compensation;
• If legal actions in relation to this case, have been taken against the insured or any of its employees, until such legal actions are concluded.

The insurer is liable for the damages that are established and verified during the period of cover, however the amount of compensation cannot be larger than the amount insured (liability limits of the insurer) shown in the insurance policy.

This compensation shall not compensate losses for which the insured will be compensated under other agreements. An exception is the part of loss that is left without cover under other agreements in the situation that the policy defined by these conditions of insurance would be void.

In the case of compensation based on this policy, the insurer will have the right to subrogate material or legal rights against any person or organisation. The insured will act accordingly to provide the insurer with these rights. The insured shall not take any action to prejudge these rights that are carried to the insurer.

MERGING, LIQUIDATION OR CHANGE OF OWNERSHIP OR CONTROL OF THE ECONOMIC ACTIVITY 

The insurance policy issued by these insurance condition, shall immediately seize any cover in case of liquidation (voluntary or obligatory) of the insured or commencing of such agreements.

The insured shall immediately inform the insurer in case of:

• Any merger with other economic activities or buying, giving, transferring, mortgaging or selling of property or shares that alter the ownership or control, financial or other, of the economic activity.
• Taking away of control form the insured (by a government or any other authority act) of the insured economic activity.

The cover can be continued under the condition that the insured provides the insurer with all the required information and the insured pays the extra premium, should there be any, which is a result of these changes.

SECTION 2 – INSURING CASH IN TRANSIT (CIT)

THE OBJECT MATTER OF INSURANCE

Notes of different currencies are covered up to the limit stated in the insurance policy. The insured object matter can be at the property of the insured or in possession of the insured in any form or shape that makes the insured liable for its loss. 

TERRITORIAL COVER

This insurance covers the head office, branches, wickets and ATM-s in the territory of Kosova.

INSURED RISKS

The insurer indemnifies the insured for loss of or damage of property during transfer under the supervision by the employees or the transporting or security company on behalf of the insured.

Insurance cover according to these general conditions will commence from the moment that the employee or the transporting or security company takes charge of the property on behalf of the insured and shall seize immediately after the handover at the designated destination by the employees, or transportation or security company.

EXCLUSIONS

This insurance shall cover loss or damage to the property only if the amount of this loss or damage exceeds the amount that the insured is entitled to based on:

• The contractual agreement between the insured and the transporting or security company;
• Insurance cover of this transporting or security company for its clients;
• Any other kind of insurance cover and valid compensation in any form or beneficial to the costumers of this transporting or security company, and in this case this insurance will cover only the amount that exceeds the a/m limits.

Cash in Transit insurance does not cover damages caused directly or indirectly as a result of:

• Mysterious disappearing,
• Fraudulent actions of employees,
• war, conquering, invasion, acts of foreign enemies, war activities (irrespective if war was declared or not), civil war, civil unrest, revolution, rebellion, military or invasion powers, confiscations or nationalizations or requisition or destroying of property by or according to orders of any government or public or local authority.

• Ion radiation or radioactive contamination by nuclear matters or explosion of nuclear matters;
• Radioactive, toxic, volatile matters or other dangerous or contamination matters from nuclear plants, nuclear reactors or other nuclear units or nuclear elements;
• Any weapon of war that uses nuclear splitting and/or rejoining or similar

INSURANCE PREMIUM RATES

Premium rates will be set according to the amount insured, preventive measures taken and transportation conditions. The premium rate will be calculated individually for every insurance policy.

THE INSURANCE PREMIUM

The insurance premium is calculated by multiplying the premium rate with the amount insured.

The premium can be paid in full or in instalments, according to these rules:

• If the insurance period is shorter than one year, as a rule, the insurance premium will be paid in full;
• If the insurance period is one year, as a rule, the insurance premium shall be paid in two instalments.

In the situations of payment of premium in two instalments, the date of the second instalment shall not be later than four months from the date of payment of first instalment.

The payment of the full premium or instalments is carried out at the bank account of the insurer or at the till of the insurer’s branch that issues the insurance policy.

The payment will be considered complete at the moment of transfer of the agreed amount into the insurer’s bank account or its till.

The insurance premium is paid in the currency specified by the insurance policy.

EXCESS

At the occurrence of the insured situation, an excess will be applied. The excess will be specified in the insurance policy, but it cannot be more than 25% of amount insured.

The insurer is not liable for the excess specified in the insurance policy which is the amount of loss to be carried by the insured in each occurrence.
 

INSURANCE POLICY

The insurance policy is bound based on the written request of the insured. The insurer will issue the insurance policy and sets the premium based on the information and declarations provided by the insured. Additional requests, notifications and declarations by the insured, should there be any, will be annexed to the insurance policy.

The insured, by signing the insurance policy, accepts the responsibility for the accuracy and genuineness of the provided information and declarations by him/her.

The insurer is entitled to challenge the genuineness of the provided information and declarations and carry out inspections to gather more data.

The insurance policy can be terminated at any time by the insured by addressing a proper written request to the insurer. In this case the insurer has the right to retention of the amount premium proportional to the indemnified losses and the period of coverage.

The insurance policy can be terminated by the insurer by written notification of the insured 30 calendar days before the date of termination. In this situation, the insurer will retain the amount of premium proportional to the period of coverage by the insurance policy.

The insurance policy is valid for 15 days after the obligation to pay the second instalment of insurance premium has commenced.

Failing to pay the second instalment of insurance premium will carry the following consequences:

• Gives the right to the insurer to cancel the Insurance policy;
• Legalizes the reduced indemnification to 50 percent on damages and losses verified before the end of coverage period according to the first instalment of insurance premium;
• Obliges the insured to repay 50% of the indemnity received (that have been paid in full by the insurer assuming that the final instalment will be paid).

Conditions set on the insurance policy cannot be changed without the annex which is a part of the policy and is signed by the insurer or representative of the insurer. By accepting the insurance policy the insured agrees that the insurance policy includes all existing agreements between the insured and the insurer or its agencies in respect to this insurance cover.

INSURANCE PERIOD

The insurance period, as a rule, is 1 year unless it is stated otherwise in the insurance policy, but it cannot be shorter than 3 months.

The insurance cover commences at 24 o’clock of the day specified in the insurance policy, provided that the premium or the first instalment of premium has been paid.

OBLIGATIONS

The insured is obliged to:

• To act according to the warranties and rules of insurance specified in the insurance policy and show due care in preventing the loss;
• To register the insured property according to the law and in such a way that the insurer can evaluate exactly the amount insured and the amount of loss.

THE INSURED EVENT

It is a condition upon the liability of the insurer that any event that can give a rise to a claim, the insured should immediately: 

• Inform the appropriate authorities (i.e. police) and provide them with the necessary assistance for identifying and catching of the person/s responsible for the damage/loss and recuperation of the stolen property;
• To notify the insurer in writing;
• To provide the insurer with all the required information and assistance.

In case that the insured makes a claim while knowing that is untrue or fraudulent in respect to the amounts or any other fact, the insurance cover seizes and all claims in reference to this case are cancelled.

THE APPRAISAL

The insurer must start the appraising of the damage within 10 days from the written notification by the insured.

In the situation where the appraisal provided by the insurer is not acceptable partially or fully by the insured, the insured must notify in writing the insurer within 3 days from receiving such document.

In order to resolve the disagreement, both parties appoint an independent expert or a group of experts consisted of their representatives or independent ones. The expert or the group of experts mentioned above cannot re-appraise or continue the re-appraising when other damages to the insured property are established. If such situation occurs, the appraisal procedures should be carried out according to the following article:

The experts should:

• Verify and explain the circumstances under which the event took place;
• Verify the accuracy of the declarations or descriptions that stem from the contractual acts and establish if at the moment of loss occurring there where factors that altered the risk and have not been noted properly;
• Verify if the insured has fulfilled its obligations;
• Appraise the damage according to the conditions of insurance and insurance policy.

THE CLAIM

The insured, in order to get indemnified submits the form provided by the insurer. The insurer compensates the loss after the final appraisal is concluded and only if the written request (the form) is submitted by the insured.

INDEMNITY

The insurer pays or refuses payment within 30 days from the day the claim is made. The starting of this deadline is suspended for as long as it is made impossible to the insurer by the insured to appraise or pay the loss.

The insurer can postpone compensation of the loss:

• For as long as there are doubts on the right of the insured to receive compensation;
• If legal actions in relation to this case, have been taken against the insured or any of its employees, until such legal actions are concluded.

The insurer is liable for the damages that are established and verified during the period of cover, however the amount of compensation cannot be larger than the amount insured (liability limits of the insurer) shown in the insurance policy.

This compensation shall not compensate losses for which the insured will be compensated under other agreements. An exception is the part of loss that is left without cover under other agreements in the situation that the policy defined by these conditions of insurance would be void.

In the case of compensation based on this policy, the insurer will have the right to subrogate material or legal rights against any person or organisation. The insured will act accordingly to provide the insurer with these rights. The insured shall not take any action to prejudge these rights that are carried to the insurer.

MERGING, LIQUIDATION OR CHANGE OF OWNERSHIP OR CONTROL OF THE ECONOMIC ACTIVITY

The insurance policy issued by these insurance condition, shall immediately seize any cover in case of liquidation (voluntary or obligatory) of the insured or commencing of such agreements.

The insured shall immediately inform the insurer in case of:

• Any merger with other economic activities or buying, giving, transferring, mortgaging or selling of property or shares that alter the ownership or control, financial or other, of the economic activity.
• Taking away of control form the insured (by a government or any other authority act) of the insured economic activity.

The cover can be continued under the condition that the insured provides the insurer with all the required information and the insured pays the extra premium, should there be any, which is a result of these changes.

Resolving of disagreements (for both sections)

Any disagreement not resolved by the parties, shall be addressed to the appropriate Court in the location where the policy was issued.