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Cash Handling Insurance – the buyer’s perspective Marek Porczyński, Marsh Sp. z o.o. Paul Martin, Marsh Ltd.

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Presentation on theme: "Cash Handling Insurance – the buyer’s perspective Marek Porczyński, Marsh Sp. z o.o. Paul Martin, Marsh Ltd."— Presentation transcript:


2 Cash Handling Insurance – the buyer’s perspective Marek Porczyński, Marsh Sp. z o.o. Paul Martin, Marsh Ltd

3 Agenda Marsh introduction The criminal “arms race” in Europe Cash handling insurance coverage –Good and bad Selection of insurers The insurer’s view

4 The businesses of MMC Risk and insurance services –Marsh is the world leader in delivering risk and insurance services and solutions to clients –Guy Carpenter is the world's leading risk and reinsurance specialist, creating and executing reinsurance and risk management solutions for clients worldwide Risk consulting and technology –Kroll, the world's leading risk consulting company, provides a wide range of investigative, intelligence, financial, security and technology services to help clients solve problems and capitalize on opportunities Consulting –Mercer HR Consulting is a global leader for HR and related financial advice, products and services –Mercer Specialty Consulting

5 Marsh in Poland Since June 1992 has obtained a license for insurance and reinsurance services The leading insurance broker in Poland by turnover and number of clients Five offices: in Warsaw, Cracow, Wroclaw, Poznan and Gdansk at your service 82 people working for Marsh in Poland, 54 professional brokers Renders services to 1200 local and multinational clients

6 Marsh – our credentials Members of ESTA Market leaders in insurance for cash handling companies and financial services Industry Client base:- –Largest global companies –Largest independents in France, Germany, Switzerland, Norway and North America Industry knowledge & experience

7 ESTA – European Loss Data 1998-2005

8 ESTA – European Loss Analysis 2005 Area of AttackTotal AttacksTotal Loss EUR M Cross Pavement86222.4 Vehicle9934.2 ATM Replenishment18014.8 Operating Centre1325.1

9 Case Study – Sweden  Plant equipment breaches perimeter vehicle gates  Attacker pulls a bag of cash through the despatch window  Plant equipment breaches loading bay door and rams despatch wall  Attackers remove bags of cash from branch

10 Case Study – Sweden

11 Tiger Kidnap UK, Tonbridge – 21 & 22/02/2006  Building and vehicle entrance Control room and loading bays   Robbers and hostage arrive in a white Renault truck followed by accomplices in a car Renault truck is reversed into loading bay 

12 ESTA data – Attacks per Country 2004/2005 Pos. 2005Pos. 2004Country Number of Attacks 11United Kingdom832 22France76 36Sweden52 45Portugal46 53Ireland34 6-Poland25 74Italy24 87Germany14 98Netherlands12 109Greece9 11-All Others30

13 Exposures faced Armed Robbery Tiger Kidnap Infidelity –Physical cash –Electronic payments “Mysterious unexplained disappearance” Terrorism Acts of God

14 Cash Handling Insurance Policies - Characteristics of good quality product Specialist cover for cash handling operations All risks of physical loss or damage Sum insured not reduced by claims No possibility of cancelling the Policy No restrictions on operations Extension for electronic funds transfer exposure “Less is more!”

15 Good quality product Minimal Policy Exclusions: –War on land –Terrorist attack – on premises only Not theft by terrorists –Radioactive Contamination, Chemical, Biological, Bio-chemical And Electromagnetic Weapons –Theft by owners or board directors of the CIT company

16 Poor quality product Limits within the Policy for: –Each type of vehicle –Number of guards –Across the pavement –ATM service –Specific locations

17 Poor quality product Claim only covered if: –CIT industry rules obeyed –Internal procedures complied with –Security levels not changed without permission –Operating limits not increased without permission –Investments in security made as required by the insurer –Claims reported within a time limit

18 Selection of Insurers Best price (?) Good credit rating Expertise in CIT industry Flexible approach Fast claims response Long term view

19 What is the insurer looking for? Professional culture Strong management control Effective security team Capital investment in security Good loss record Insurers will give long term support to professional CIT companies

20 The information contained herein is based on sources we believe reliable, but we do not guarantee its accuracy, and it should be understood to be general insurance information only. Marsh makes no representations or warranties, expressed or implied, concerning the financial condition, solvency, or application of policy wordings of insurers or reinsurers. The information is not intended to be taken as advice with respect to any individual situation and cannot be relied upon as such. Insureds should consult their insurance advisers with respect to individual coverage issues. This document or any portion of the information it contains may not be copied or reproduced in any form without the permission of Marsh Ltd, except that clients of Marsh Ltd need not obtain such permission when using this report for their internal purposes. © Copyright 2007 Marsh Ltd All rights reserved Marsh Ltd is authorised and regulated by the Financial Services Authority.

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