Q: Our Company has sponsored me for a three-day training program to a European country. I will be traveling first time outside the Kingdom. We have been asked by the embassy to provide a certificate of insurance up-to a limit of Euro30,000. We have medical insurance worth SR50,000. How can I obtain this certificate? Is there a way to get such type of insurance? A: Most of the European embassies do insist on emergency medical expenses cover for visitors. In your case, your medical insurance cover is SR50,000. If your coverage is worldwide then you may ask your insurance company to increase the limit to Euro30,000 and get a certificate of insurance. There are chances that the coverage may cost you more. In such a situation there are other options available. You may approach a broker or any reputed insurance company in the market to know the availability of best travel insurance facility. Your current insurers or your travel agent may also be able to help you out in selecting the right travel insurer. Since you are going for three days, you will be able to secure the cover anywhere between SR100 to SR200. This may also provide you additional coverage like baggage insurance, personal accident and personal liability along with emergency medical insurance. This should give you adequate protection and help the embassy in processing your visa. Q: We are a trading company, mainly dealing in paints. Last month our accountant went on emergency vacation, and did not return. On investigation, we found that he has taken money worth SR15,000 from petty cash and cash collected from the customers. We have insurance with a major insurer. We have property, motor and money policies. We advised our insurers but they denied the claim by saying it will not fall under the purview of money policy. We have taken insurance for all our cash transactions including the money drawn for petty cash. Why then our claim is denied? A: Your current policy is money policy, and it is not intended to cover theft by employees. However, standard money policies do cover theft by any director, partner or employees provided it is discovered within three working days from the time of the embezzlement. Hence if any theft is discovered after 10 days of the incident then the claim is not admissible even in such policies. The best way of covering such risks is under Fidelity Guarantee/Employee dishonesty cover. You can have your certain named employees under such policy with a cap limit. The premiums are calculated on cap limits and the profession of the employee. This will give you adequate protection against such type of risks. * Shujaath Ahmed Khan, an MBA, General Manager, Creative Associates is also a consultant and an expert in Insurance, Investments and Real Estate. He can be contacted at [email protected], website-www.creativeassociates.blogspot.com __
