What is the kudi cash insurance Policy?

The Kudi Insurance is a policy that provides cover for loss of cash in transit between the insured’s premises, bank and other specified places occasioned by robbery, theft or any other frivolous cause. It also provides cover for loss of cash within the business premises, safe or vault and a fidelity guarantee (cash theft by the insured’s member of staff).

Benefits of cash insurance

1. Your money is refunded back to you if stolen (theft or armed robbery) within the limit of occurrence.
2. Claims process takes a maximum of 21 working days.
3. You can have peace of mind knowing your business is insured.

Policy limit breakdown

There is a limit to the amount of money that can be given back to you each time you lose your money. See breakdown:

1. Limit per occurrence represents the amount you can get when you report an issue.
2. Annual Limit of liability represents the total amount of money that can be paid to you in a year.

Subscription

The Kudi Cash insurance premium should be ₦24,000 per annum but we have developed a seamless method that entails a monthly deduction of two thousand naira (₦2000) from your KUDI wallet for the next one year (12 months) which will equal the annual premium. However, if you are subscribing for a full year, you get a discount of ₦2,000 and pay ₦22,000 as the premium for that year.

Terms and Condition

1. Outstanding premium must be deducted before claim settlements
2. Agents must always ensure that their outlets are well secured
3. Cash must not be kept in premises unless in safe/vaults
4. There should be security to safeguard business premises
5. Withdrawal of cash must be done by the agent or a senior staff
6. Agent’s negligence won’t be claimed
7. Cash must not be left unattended or unaccompanied
8. 15% policy excess will be deducted on each and every claim settlement
9. Claim threshold must not be reported more than (2) times a year (Fidelity guarantee related claims only)
10. Details of an employee, including salary proof must be provided in case of infidelity of such employee (Fidelity guarantee related claims only)
11. No refund of previously paid premium when insurance is deactivated

Claim Requirement

To report an incidence properly, you will need to provide the following:

1. Completed Claim form
2. Documentary evidence of claimed amount (Kudi wallet statement of account)
3. Police report (if theft/burglary applicable)
4. Pictures of Damaged safe or drawer.
5. Any valid means of Identification

Claim Procedure

1. Claim notification must be sent to PRA within 72 hours of occurrence.
2. Discharge voucher is issued (2) weeks after receiving required documentation.
3. Claim settlement is made (7) working days after receiving duly completed offer.