Money Insurance

Money Insurance policy Indemnifies the insured against loss of money in transit by the insured or insured's authorized employees occasioned by Robbery, Theft, or any other fortuitous cause. Further, the company shall also indemnify the loss of money by Burglary, Housebreaking, Robbery, or Holdup whilst money is retained at the insured's premises in safe(s) or strong room.
Definitions of Money: Money shall mean and include cash, Bank Drafts, Currency Notes, Treasury Notes, Cheques, Postal Orders, and Current Postage Stamps.

Coverages

Money in transit

• Money for payment of wages, salaries, and other earnings
• Petty cash in direct transit from the bank to the insured's premises.
• Wages in transit from bank to insured premises.
• Money was other than described above, collected by and in the personal custody of the insured or the authorized employee(s) of the insured whilst transit to the premises or bank.
• Cash in transit from the insured's premises to post office, for purchase of postal orders, money orders, postage or revenue stamps, and vice versa.
• Unpaid wages etc. From insured premises to the bank.
• Money Retained at the insured's premises in the burglar-resisting safe or strong room.\

Money in safe:

• Cash (other than described above) whilst on the premises during business hours or whilst secured in a locked safe or locked strong room on the insured's premises out of business hours against the risk of burglary, housebreaking, and holdup.

The above cover is granted subject to the following two clauses:

• The loss of cash abstracted from the safe following the use of the key to the said safe or any duplicate thereof belonging to the insured is not covered, unless such key has been obtained by violence or threats of violence or through means of force. This is known as the "key clause". It is necessary to note that the use of force need not necessarily be against the person or an individual. It can be against property as well. For instance, if the key to the safe secured in a cupboard is removed after forcing open the cupboard, the loss is covered by the policy. The key clause cannot be deleted even by payment of extra premium.
• A complete list of the amount of cash in safe should be kept secure in someplace other than the safe, and the liability of the insurer is limited to the amount shown by such records.

Add on Cover

• Riot
• Strike
• Terrorism
• Infidelity of the employees
• Disbursement risk

Exclusions

• Shortage due to error or omission.
• Loss of cash entrusted to any person other than the insured or an employee of the insured.
• Losses due to the fraud/ dishonesty of an employee of the insured.
• Losses covered by other policies.
• Losses occurring by the use of keys to the safe unless such keys were obtained by force or threat
• Money carried under a contract of affreightment and theft of money from an unattended vehicle and consequential loss.
• Unexplained losses and mysterious disappearances
• Loss or damage due to flood, cyclone, earthquake, and other convulsions of nature, war, and warlike operations
• Loss due to any activity in which the Insured, his/her family member/employee is involved as a principal or party except dishonesty of cash-carrying employees were specifically covered.

Key Benefits

• Complete cover for risks involving money and monetary transactions
• Reasonable premium
• Additional cover against loss of money in safe due to housebreaking or burglary after office hours
• Payment of premium on estimated carrying of money
• Adjustment at the year against actual carrying of money

Claim Process

In the event of loss, the following are immediate actions to be taken
To intimate to the insurer the occurrence of loss, submit a full statement in writing of the claim, provide the nature and extent of loss, and also the estimate of loss. Any delay in intimation might jeopardize the claim as the insurer may express an inability in accepting liability of the loss/damage.

• To take all steps to reduce and minimize the extent of loss/damage and liability.
• The proximate cause of the loss and assess the type/extent and whether it is within the scope of the policy.
• To extend full co-operation to the insurer and the surveyor appointed for completion of the survey work and proper assessment of the loss.
• Produce all such records and proof as may be required by the surveyor or the
• The insurer for arriving at the extent of loss and the liability under the policy.
• Provide documents such as claim form, copy of Policy, a Written statement on the amount lost, FIR copy, etc.
• Keep the damaged property under the safe custody until advised by the surveyor/insurer regarding its disposal.
• Identification of the subject-matter insured.