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 fortuitous cause.
The policy also covers loss by burglary or housebreaking whilst money is retained at Insured's premises in safe(s) or strong room.
Money shall mean and include Cash, Coins, bank draft, Currency Notes, Cheques, Traveler’s Cheque, Postal order, Money order, Pay order and Current Postage Stamps, bank shall mean and include bank of every description, Post Office, Government Treasury.
Coverage:
- Section I: Covers money in transit including cash and instruments like Bank Drafts, Currency Notes, Treasury Notes, Cheques, Postal Orders and current Postage Stamps.
- Section II: Covers money in safe, counter, till or on premises
Exclusions:
- Shortage due to error or omission.
- Loss of money entrusted to any person other than insured or an Authorized employee or Directors of the Insured.
- Infidelity of Insured or his employee except loss due to fraud or dishonesty of the cash carrying employee of the Insured.
- Loss occurring on the premises, after business hours, unless the money is in a locked safe or strong room.
- Loss occasioned by Riot, Strike and Terrorist Activity.
- Money carried under contract of affreightment and theft of money from Unattended vehicle
- Loss of or damage to money in transit by post
- Loss of money collected by Authorized employee/s of the Insured whilst in transit to the Insured premises or bank in their personal Custody for more than 48 hours
- Loss of money from safe or strong room following use of the key to the safe or strong room or any duplicate thereof belonging to the Insured
- War and warlike perils
- Ionizing radiation or contamination by radioactivity, Nuclear Weapon material
- Consequential loss or legal Liability of any kind
