| An ‘all risks’
insurance cover, which protects loss/ damage to money whilst
held in owner’s premise (in drawer or safe) and, in
transit (to and from banks and clients).
Definition of money – bank and currency notes, current
coins, cheques, postal orders, current postage and revenue
stamps
Standard Exclusions:
Loss of money due to,
- fraud and dishonesty of the Insured or any person in the
service of the Insured
- unexplained shortages
- depreciation in value
- war, invasion, strike, riot and civil commotion, acts
of terrorism
- nuclear, biological and chemical attack
- vehicle kept unattended
- usage of the key or its duplicate or combination code
belonging to the Insured of a safe or strong-room where
money was kept unless this has been obtained by threat or
violence
- confiscation, detention, seizure or destruction by Government
or Public Authority
Following conditions are usually
applied to money in transit:
- All money carryings must be done by permanent employees
of the Insured and depending on the amount,
number of employees that should accompany will vary
- There will be an agreed days and time period to money
carryings, say during weekdays, between 8 a.m. to
4 p.m.
- Money should be transported in Insured’s own or
hired vehicles other than by bicycle, motor-bicycle, hired
3-wheeler, public transport or by foot.
The carrying employee(s) can be covered against Personal
Accident (mainly due to possible assault) by special agreement
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