Money Insurance Policy

Important: This is for information purposes only. For policy details contact Risk and Insurance Unit. (I.e. Policy terms and conditions)

Currency:  All policy amounts are in Fiji currency. To calculate the Fiji Currency the exchange rate at the time of the loss is used.

The Money Insurance Policy provides cover for loss of USP money (on/off campus) in transit between the insured’s premises and bank or post office, or other specified places occasioned by robbery, theft or any other unexpected cause.

The definition of “Money”
“Money” being current coin, bank and currency notes, cheques, and other types all being the USP’s own or held by USP in trust.

Insurance Coverage: What are the different cash risks? 

Our policy has two separate categories:

  • The first category, covers money:
    • While in transit/ transported in a USP owned Vehicle.
    • Held within USP premises or official off-site locations during business hours.
    • Secured in safe or strong room within USP premises outside business hours.
      • Noncompliance with the above will change the limit to the second category.
  • The second category, covers money (and considered higher risks):
    • While in transit/transported and NOT in a USP owned Vehicle.
    • Kept off campus regardless if secured or not secured in a safe or strong room.
    • Not secured in safe or strong room within USP premises outside business hours.
      • Noncompliance to the above may result in money is not covered.

What are we insured for?

  • We’re insured for up to 100,000 FJD of total losses in the first category.
  • We’re insured for up to 10,000 FJD of total losses in the second category.
  • Extraordinary carry up to 150,000 FJD in respect of payments or accumulations of money during registration. (high peak periods)

Deductible or excess each and every loss:

USP is required to meet the first 1,000 FJD of any loss we suffer.

  • Meaning: Incidents over 1,000 FJD may be eligible for an insurance claim
  • Settlement considers compliance with the money policy terms/conditions and incident details (supporting documents provided to the insurance company).

Policy extensions

  • Extended to cover loss consequently directly or indirectly upon fire or earthquake.

Procedures and Advice

Reporting Incidents

  • Immediately contact the relevant USP departments as per USP financial delegations and/or USP policy/procedures
  • Insurance claim: Report the incident to the Risk & Insurance Unit immediately upon discovery.
    • Incident will be reviewed for a possible claim.
    • Risk and Insurance Unit will provide you the list of required documents/information for a claim.

Manage your risks:

  • Complete the Cash Management Self-Assessment on a regular basis.
  • Refer to the FAQ document for tips.
  • Submit your queries to Risk and Insurance Unit to address and consider including as a FAQ.
  • Review your procedures and controls on an annual basis or when needed to ensure they are adequate.
  • Review, identify and address changes/differences you noticed which may lead to a negative occurrence. (Fraud, theft etc.)
  • Include safety steps in your procedures.  (i.e.: collecting, banking-transporting money)

Money Policy


Cash Mgt. Self-Assessment (PDF)
FAQ: Frequently Asked Questions

Date Reviewed: 02-January-2020

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