Unauthorised Spending means any transaction of monetary value from Insured’s credit or debit card, where the Insured is the principal cardholder, performed without the Insured authorisation or consent and due to no fault of Insured.
Theft means the act of removing the goods from the possession of another without the owner’s consent by taking and/or carrying away with the intention to steal or deprive the owner permanently of his property.
For ‘Unauthorised Debit/Credit Card Spending due to Theft’, the benefit shall not be payable for:
- Any financial loss incurred by the Insured which can be recovered or compensated by card issuing bank or other sources as determined at the company’s rights;
- Loss due to any fraudulent, dishonest or criminal act by the Insured, persons known to the Insured or Insured’s family members, whether acting alone or collusion with others;
- Intentional or malicious acts, gross negligence or carelessness of the Insured;
- Mislaying, misplacing, mysterious disappearance or pick-pocketing of Insured’s debit/ credit card;
- Any loss in connection with supplementary card(s) or supplementary cardholder(s).
Note: The list is non-exhaustive. Please refer to the policy contract for the full exclusions of WalletSafe.