Money Insurance
Money Insurance policy provides cover for loss of money in transit between the insured’s premises and bank or post office, or other specified places occasioned by robbery, theft or any other accidental cause.
Scope of cover
The insurance policy broadly covers loss of money in transit by the insured or insured’s authorised employee(s) occasioned by robbery, theft.
There are various contingencies that covered as under :
Loss of cash in transit from insured premises to banks & vice versa.
Loss due to infidelity to carrying employee.
Loss following riot and strike at extra cost.
Money looted during disbursement at extra cost.
Significant exclusions
Differences due to error in counting the money by carrier.
Infidelity of employee if not additionally opted.
Other than above, the policy does not cover losses and /or damages arises due to:
Floods
Cyclones
Earthquakes and other convulsions of nature
War and war like operations
Civil commotion
Riots and Strikes
Terrorist activities
Shortage due to error, omission
Use of keys to safe or strong room (unless such keys are obtained by force or threat)
Theft form unattended vehicle and consequential loss.