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MONEY INSURANCE

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Entities, organisations and firms dealing in currency/cash, like banks, cash transporting security agencies to various locations, traders, jewellers, toll plazas, foreign exchange dealers, restaurants, petrol bunks, LPG distributors, etc., may lose money due to accident or misfortune.

Money means and includes cash, bank drafts, currency notes, treasury totes, cheques, postal orders and current postage stamps. Coverage includes money kept in premises (kept in chest/safe or in till/counter, subject to key clause) and in transit from premises to bank or vice versa, or from office to office or specified places or vice versa.

This insurance is by and large tailor made, need based and to be negotiated with insurer. Terms and conditions agreed specifically by mutual offer and acceptance.

Coverage is for one year and insurance to be renewed each year. Accident or misfortune is wider term of coverage. In general excludes natural disasters, riot strike and malicious damage, errors and omission, terrorism etc.

MONEY INSURANCE

BENEFITS

  • Coverage can be extended to cover theft, infidelity of employees during cash in transit provided any loss is discovered within 48 hours.
  • Cash left with directors or collection employees with specific details can be extended in coverage.
  • Policy can be extended to cover damage caused to premises, or currency chests by burglars/robbers, etc.
  • On expiry of Policy period, aggregate of annual money in transit during the year of insurance shall be submitted in order to receive refund of premium, if any.
  • Blanket covers like anywhere in India to anywhere in India is possible.

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