The ATM Insurance Program
The ATMIA Insurance Program is tailored specifically to meet the unique needs of the ATM industry and provides the flexibility to insure a variety of different situations on a global basis.
This program is endorsed by the ATMIA and is insured by the world’s leader in ATM insurance with financial ratings of “A” (Strong) by Standard & Poor’s and “A-” (Excellent) by A.M. Best.
In addition to the excellent financial security provided, ATMIA’s insurer offers the strength and experience necessary to underwrite insurance programs for the rapidly expanding ATM Industry.
Your Insurer
The ATM Industry Association
The ATM Industry Association is an alliance dedicated to the advancement and proliferation of automated teller machines. We provide our members with leadership, sources for discounted products and services, political voice, education and profitable information.
The ATM Industry Association is an alliance dedicated to the advancement and proliferation of automated teller machines. We provide our members with leadership, sources for discounted products and services, political voice, education and profitable information.
ATMIA's membership includes ATM deployers, ISOs, private owners, financial institutions, and all providers of related products and services.
As our membership continues to grow, ATMIA's benefit offering will expand as well. The ATM Industry Association is building a central hub of product and service sources, political protection, education and practical information for anyone who owns an ATM or serves the ATM industry.
One such benefit that ATMIA is proud to offer is a comprehensive insurance program for its members. This program is available exclusively to ATMIA members and is the most competitive and extensive ATM insurance program available.
Your ATMIA representatives will work with you to determine what insurance you need and to provide you with the best insurance solution for your business.
In addition to coverage for unusual cash loads, high volumes, and non-standard risks, the ATMIA Insurance
Program offers the following:
Available Insurance Coverages
- ATM Physical Damage
Standard ATM limits of $5,000 to $15,000 with increases available up to the full replacement cost of the ATM.
- Cash Cover
Standard cash limits up to $50,000 with increases available.
- ATM Owner Cash In Transit
Insures ATM owners who perform their own cash replenishment service. Limits vary.
- Armored Car Companies
Coverage for loss of cash for those members that operate armored car companies.
- Loss of Revenue
Insurance for loss of ATM revenues following a covered loss such as theft.
- Commercial General Liability
Insurance to cover Bodily Injury and Property Damage from incidents arising out of the ownership, use or operation of the ATM.
- Other Coverages
Insurance for other risks including Employee Dishonesty, Credit/Debit Cards & Extended Warranty.
If you have additional insurance needs, speak with your ATMIA representatives. We are here to provide you with a total insurance package tailored to meet your individual needs.
Other Features and Benefits
- Volume discounts for multiple ATMs
- Claims Handling
ATMIA is partnered with a global ATM claims expert to provide timely claims handling on a worldwide basis.
How to Obtain Insurance
As this program provides preferential coverage and pricing, you must be a member of ATMIA in order to obtain insurance. If you are not already a member of ATMIA and enjoying the benefits of membership, please contact ATMIA today at www.atmia.com or call or fax:
Telephone - +1-605-271-7371
Insurance:
American Special Risk, LLC
212 South Tryon Street, Suite 1780
Charlotte, North Carolina 28281
Telephone – (704) 358-0447
Facsimile – (704) 358-0977
E-Mail – mcoons@asrisk.com
– gnpalmer@asrisk.com
American Special Risk, LLC
212 South Tryon Street, Suite 1780
Charlotte, North Carolina 28281
Telephone – (704) 358-0447
Facsimile – (704) 358-0977
E-Mail – mcoons@asrisk.com
– gnpalmer@asrisk.com
Insurance Glossary
Actual Cash Value.
An amount equivalent to the replacement cost of lost or damaged property at the time of the loss, less depreciation.
An amount equivalent to the replacement cost of lost or damaged property at the time of the loss, less depreciation.
Additional Insured.
A person other than the named insured who is protected under the terms of the contract. Usually, additional insureds are added by endorsement or referred to in the wording of the definition of "insured" in the policy itself.
A person other than the named insured who is protected under the terms of the contract. Usually, additional insureds are added by endorsement or referred to in the wording of the definition of "insured" in the policy itself.
Advertising Injury.
Injury arising out of libel or slander, violation of the right to privacy, misappropriation of advertising ideas, or infringement of copyright, title or slogan committed in the course of advertising goods, products, or services.
Injury arising out of libel or slander, violation of the right to privacy, misappropriation of advertising ideas, or infringement of copyright, title or slogan committed in the course of advertising goods, products, or services.
Aggregate Limit.
Usually refers to Liability Insurance and indicates the amount of coverage that the insured has under the contract for a specific period of time, usually the contract period, no matter how many separate accidents may occur.
Usually refers to Liability Insurance and indicates the amount of coverage that the insured has under the contract for a specific period of time, usually the contract period, no matter how many separate accidents may occur.
All-Risks Insurance.
The term "All-Risks Insurance" is used to mean insurance against loss of or damage to property arising from any fortuitous cause except those that are specifically excluded. An insurance contract which provides All-Risks Insurance is an All-Risks policy.
The term "All-Risks Insurance" is used to mean insurance against loss of or damage to property arising from any fortuitous cause except those that are specifically excluded. An insurance contract which provides All-Risks Insurance is an All-Risks policy.
Binder.
An agreement executed by an agent or insurer (usually the latter) putting insurance into force before the contract has been written or the premium paid.
An agreement executed by an agent or insurer (usually the latter) putting insurance into force before the contract has been written or the premium paid.
Bodily Injury Liability (BI).
A legal liability that may arise as a result of the injury or death of another person.
A legal liability that may arise as a result of the injury or death of another person.
Cancellation.
Termination of a contract of insurance in force by voluntary act of the insurer or insured in accordance with the provisions in the contract or by mutual agreement.
Termination of a contract of insurance in force by voluntary act of the insurer or insured in accordance with the provisions in the contract or by mutual agreement.
Certificate of Insurance.
(1) A statement of the coverage and provisions of a master contract in group insurance that is issued to individuals covered in the group. (2) A form which verifies that a policy has been written and states the coverage in general, often used as proof of insurance in loan transactions and for other legal requirements.
(1) A statement of the coverage and provisions of a master contract in group insurance that is issued to individuals covered in the group. (2) A form which verifies that a policy has been written and states the coverage in general, often used as proof of insurance in loan transactions and for other legal requirements.
Commercial General Liability (CGL) Coverage Part.
General liability coverage which may be written as a monoline policy or part of a commercial package. Commercial General Liability are available on an "Occurrence" or "Claims-Made" basis.
General liability coverage which may be written as a monoline policy or part of a commercial package. Commercial General Liability are available on an "Occurrence" or "Claims-Made" basis.
Claim.
A demand made by the insured, or the insured's beneficiary, for payment of the benefits provided by the contract.
A demand made by the insured, or the insured's beneficiary, for payment of the benefits provided by the contract.
Claim Report.
A report filed by an agent setting forth the facts of a claim. Same as Loss Report.
A report filed by an agent setting forth the facts of a claim. Same as Loss Report.
Deductible.
The portion of an insured loss to be borne by the insured before he is entitled to recovery from the insurer.
The portion of an insured loss to be borne by the insured before he is entitled to recovery from the insurer.
Depreciation.
A decrease in the value of any type of tangible property over a period of time resulting from use, wear and tear, or obsolescence.
A decrease in the value of any type of tangible property over a period of time resulting from use, wear and tear, or obsolescence.
Effective Date.
The date on which the protection of an insurance policy or bond goes into effect.
The date on which the protection of an insurance policy or bond goes into effect.
Endorsement.
A written or printed form attached to the policy which alters provisions of the contract.
A written or printed form attached to the policy which alters provisions of the contract.
Excess Insurance.
A coverage designed to be in excess over one or more primary coverages, and which does not pay a loss until the loss amount exceeds a certain sum.
A coverage designed to be in excess over one or more primary coverages, and which does not pay a loss until the loss amount exceeds a certain sum.
Exclusion.
A contractual provision that denies coverage for certain perils, persons, property, or locations.
A contractual provision that denies coverage for certain perils, persons, property, or locations.
Hazard.
A specific situation that increases the probability of the occurrence of loss arising from a peril, or that may influence the extent of the loss. For example, fire, flood, liability, burglary, and explosion are perils.
A specific situation that increases the probability of the occurrence of loss arising from a peril, or that may influence the extent of the loss. For example, fire, flood, liability, burglary, and explosion are perils.
Hold Harmless Agreement.
A contractual arrangement whereby one party assumes the liability inherent in a situation, thereby relieving the other party of responsibility. Such agreements are found in contracts like leases. For example, a typical lease may provide that the lessee must “hold harmless” the lessor for any liability from accidents arising out of the premises. The effect of such an agreement is that the lessee must provide a defense for the lessor, and if any judgment is rendered against the lessor, the lessee would have to pay.
A contractual arrangement whereby one party assumes the liability inherent in a situation, thereby relieving the other party of responsibility. Such agreements are found in contracts like leases. For example, a typical lease may provide that the lessee must “hold harmless” the lessor for any liability from accidents arising out of the premises. The effect of such an agreement is that the lessee must provide a defense for the lessor, and if any judgment is rendered against the lessor, the lessee would have to pay.
Incurred Losses.
The losses occurring within a fixed period, whether or not adjusted or paid during the same period.
The losses occurring within a fixed period, whether or not adjusted or paid during the same period.
Indemnify.
To restore the victim of a loss to the same position as before the loss occurred.
To restore the victim of a loss to the same position as before the loss occurred.
Insurable Interest.
Any interest a person has in a possible subject of insurance, such as an ATM, of such a nature that a certain happening might cause him financial loss.
Any interest a person has in a possible subject of insurance, such as an ATM, of such a nature that a certain happening might cause him financial loss.
Insurance to Value.
Insurance written in an amount approximating the value of the property insured.
Insurance written in an amount approximating the value of the property insured.
Insured.
The party to an insurance arrangement whom the insurer agrees to indemnify for losses, provide benefits for, or render services to. This term is preferred to such terms as policyholder, policy owner, and assured.
The party to an insurance arrangement whom the insurer agrees to indemnify for losses, provide benefits for, or render services to. This term is preferred to such terms as policyholder, policy owner, and assured.
Insurer.
The party to an insurance arrangement who undertakes to indemnify for losses, provide pecuniary benefits, or render services
The party to an insurance arrangement who undertakes to indemnify for losses, provide pecuniary benefits, or render services
Lapse.
Termination of a policy because of failure to pay the premium.
Termination of a policy because of failure to pay the premium.
Legal Liability.
Liability under the law as opposed to liability arising from contracts or agreements. In insurance, it is most often used to refer to the liability that an individual has if he or she should negligently injure another party. For example, an owner of an ATM may be held legally liable if he or she is negligent in the operation of an ATM that injures another person or damages another person's property as a result of that negligence.
Liability under the law as opposed to liability arising from contracts or agreements. In insurance, it is most often used to refer to the liability that an individual has if he or she should negligently injure another party. For example, an owner of an ATM may be held legally liable if he or she is negligent in the operation of an ATM that injures another person or damages another person's property as a result of that negligence.
Limits.
The maximum amount of benefits payable for a given situation or occurrence.
The maximum amount of benefits payable for a given situation or occurrence.
Loss Payee.
The party to whom money or insurance proceeds is to be paid in the event of loss, such as a vault cash provider or lienholder on an ATM.
The party to whom money or insurance proceeds is to be paid in the event of loss, such as a vault cash provider or lienholder on an ATM.
Master Policy.
(1) The policy contract issued to an employer or other entity authorized by state law for a group insurance plan. (2) A Property Insurance policy issued to an insured who can issue certificates of coverage to cover the property of others.
(1) The policy contract issued to an employer or other entity authorized by state law for a group insurance plan. (2) A Property Insurance policy issued to an insured who can issue certificates of coverage to cover the property of others.
Material Fact.
In insurance, it refers to a fact which is so important that the disclosure of it would change the decision of an insurance company, either with respect to writing coverage, settling a loss, or determining a premium. Usually, the misrepresentation of a material fact will void a policy.
In insurance, it refers to a fact which is so important that the disclosure of it would change the decision of an insurance company, either with respect to writing coverage, settling a loss, or determining a premium. Usually, the misrepresentation of a material fact will void a policy.
Named Insured.
Any person, firm, or corporation, or any member thereof, specifically designated by name as the insured(s) in a policy.
Any person, firm, or corporation, or any member thereof, specifically designated by name as the insured(s) in a policy.
Negligence.
Failure to use that degree of care which an ordinary person of reasonable prudence would use under the given or similar circumstances. A person may be negligent by acts of omission or commission or both.
Failure to use that degree of care which an ordinary person of reasonable prudence would use under the given or similar circumstances. A person may be negligent by acts of omission or commission or both.
Nonrenewal.
Termination of insurance coverage at an expiration date or anniversary date. This action may be taken by an insurer who refuses to renew, or by an insured who rejects a renewal offer.
Termination of insurance coverage at an expiration date or anniversary date. This action may be taken by an insurer who refuses to renew, or by an insured who rejects a renewal offer.
Notice of Cancellation.
Written notice by an insurer of intent to cancel insurance, or written notice by an insured requesting cancellation.
Written notice by an insurer of intent to cancel insurance, or written notice by an insured requesting cancellation.
Notice of Loss.
Notice to an insurer that a loss has occurred. Notice of loss is a condition of most policies, and it is frequently required within a given time and in a particular manner.
Notice to an insurer that a loss has occurred. Notice of loss is a condition of most policies, and it is frequently required within a given time and in a particular manner.
Occurrence Coverage.
A policy form providing liability coverage only for injury or damage that occurs during the policy period, regardless of when the claim is actually made. For example, a claim made in the current policy year could be charged against a prior policy period, or may not be covered, if it arises from an occurrence prior to the effective date.
A policy form providing liability coverage only for injury or damage that occurs during the policy period, regardless of when the claim is actually made. For example, a claim made in the current policy year could be charged against a prior policy period, or may not be covered, if it arises from an occurrence prior to the effective date.
Personal Injury.
Injury other than bodily injury arising out of false arrest or detention, malicious prosecution, wrongful entry or eviction, libel or slander, or violation of a person's right to privacy committed other than in the course of advertising, publishing, broadcasting or telecasting. Contrast with Advertising Injury.
Injury other than bodily injury arising out of false arrest or detention, malicious prosecution, wrongful entry or eviction, libel or slander, or violation of a person's right to privacy committed other than in the course of advertising, publishing, broadcasting or telecasting. Contrast with Advertising Injury.
Policy.
The written statement of a contract effecting insurance, or certificates thereof, by whatever name called, and including all clauses, riders, endorsements, and papers attached thereto and made a part thereof.
The written statement of a contract effecting insurance, or certificates thereof, by whatever name called, and including all clauses, riders, endorsements, and papers attached thereto and made a part thereof.
Policy Period (or Term).
The period during which the policy contract affords protection, e.g., six months or one or three years.
The period during which the policy contract affords protection, e.g., six months or one or three years.
Policyholder.
(1) The person in actual possession of an insurance policy. (2) Often used loosely to refer to the policy owner and/or insured.
(1) The person in actual possession of an insurance policy. (2) Often used loosely to refer to the policy owner and/or insured.
Pro Rata Cancellation.
The termination of an insurance contract or bond with the premium charge being adjusted in proportion to the exact time the protection has been in force. Contrast with Short Rate Cancellation.
The termination of an insurance contract or bond with the premium charge being adjusted in proportion to the exact time the protection has been in force. Contrast with Short Rate Cancellation.
Proof of Loss.
A formal statement made by a policy owner to an insurer regarding a loss. It is intended to give information to the insurer to enable it to determine the extent of its liability.
A formal statement made by a policy owner to an insurer regarding a loss. It is intended to give information to the insurer to enable it to determine the extent of its liability.
Property Damage Liability Insurance.
Protection against liability for damage to the property of another, including loss of the use of the property, as distinguished from liability for bodily injury to another. In the majority of cases it is written along with Bodily Injury Liability protection.
Protection against liability for damage to the property of another, including loss of the use of the property, as distinguished from liability for bodily injury to another. In the majority of cases it is written along with Bodily Injury Liability protection.
Retroactive Date.
Date on a "claims made" liability policy which triggers the beginning period of insurance coverage. If one is shown on the policy, any claim made during the policy period will not be covered if the loss occurred before the retroactive date.
Date on a "claims made" liability policy which triggers the beginning period of insurance coverage. If one is shown on the policy, any claim made during the policy period will not be covered if the loss occurred before the retroactive date.
Seasonal Risk.
A risk which is present only during certain parts of the year. Examples might be ATMs deployed during the summer to serve vacationers.
A risk which is present only during certain parts of the year. Examples might be ATMs deployed during the summer to serve vacationers.
Short Rate Cancellation.
A cancellation procedure in which the premium returned to the insured is not in direct proportion to the number of days remaining in the policy period. In effect, the insured has paid more for each day of coverage than if the policy had remained in force for the full term. Contrast with Pro Rata Cancellation.
A cancellation procedure in which the premium returned to the insured is not in direct proportion to the number of days remaining in the policy period. In effect, the insured has paid more for each day of coverage than if the policy had remained in force for the full term. Contrast with Pro Rata Cancellation.
Subrogation.
The right of one who has taken over another's loss to also take over his right to pursue remedies against a third party.
The right of one who has taken over another's loss to also take over his right to pursue remedies against a third party.
Termination.
The time the coverage under an insurance policy ends, either because its term has expired or because it has been cancelled by either party.
The time the coverage under an insurance policy ends, either because its term has expired or because it has been cancelled by either party.
Umbrella Liability Policy.
A coverage basically affording high limit coverage in excess of the limits of the primary policies as well as additional liability coverages. These additional coverages are usually subject to a substantial self-insured retention. The term "umbrella" is derived from the fact that it is a separate policy over and above any other basic Liability policies the insured may have.
A coverage basically affording high limit coverage in excess of the limits of the primary policies as well as additional liability coverages. These additional coverages are usually subject to a substantial self-insured retention. The term "umbrella" is derived from the fact that it is a separate policy over and above any other basic Liability policies the insured may have.
Underwriter.
A technician trained in evaluating risks and determining rates and coverages for them. The term derives from the practice at Lloyd's of each person willing to accept a portion of the risk writing his name under the description of the risk.
A technician trained in evaluating risks and determining rates and coverages for them. The term derives from the practice at Lloyd's of each person willing to accept a portion of the risk writing his name under the description of the risk.
Underwriters Laboratories, Inc. (UL).
A testing laboratory for manufactured items to determine their safety propensities.
A testing laboratory for manufactured items to determine their safety propensities.
Warranty.
A statement made on an application for most kinds of insurance that is warranted as true in all respects. If untrue in any respect, even though the untruth was not known to the applicant, the contract may be voided without regard to the materiality of the statement
A statement made on an application for most kinds of insurance that is warranted as true in all respects. If untrue in any respect, even though the untruth was not known to the applicant, the contract may be voided without regard to the materiality of the statement
