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Money Insurance
This insurance policy is essentially a modified version of Burglary
insurance. Cash, unless specified otherwise meaning current coins,
bank and currency notes, cheques, postal orders and current postage
stamps can be insured. This insurance policy is essential for all
banks and business establishments since it protects them against
any loss
of money that may be carried by messengers in transit from one place
to another. |
Risks covered
This insurance policy provides cover
against these insurable perils
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Loss of cash for the payment of
wages, salaries, other earnings or petty cash in direct transit
from the
bank to the premises of
the insured.
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Loss of cash in personal custody of the insured or his authorised
employees in direct transit between the bank and the premises of
the insured.
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Loss of cash collected by and in the personal custody of the insured
or his authorised employees in transit between the bank and the premises
of the insured within a period not exceeding 48 hours from the time
of collection.
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Loss of cash on the premises
during business hours, secured in a locked safe or strong room
on the premises of the insured and out
of business hours against the risks of burglary, housebreaking,
dacoity, robbery and hold-up.
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Compensation Offered
The insurance policy will make up for the loss
sustained by the insured based on actuals.
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Exclusions
This insurance policy will not pay any claims arising from
- Shortage due to error or omission.
- Loss
of money entrusted to any person other than an authorised employee
of the insured.
- Loss of money where the employee is involved as principal or
accessory unless it is discovered within 48 hours.
- Loss occurring on the premises after business hours unless
money was locked in a safe or strong room.
- Loss due to riots, strikes or terrorist activity (can be
included on payment of additional premium).
- Money carried
on contract or freight.
- Theft of money from an unattended
vehicle.
- Loss of money using a duplicate key.
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