Money Insurance
What is 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 cover loss by burglary or housebreaking whilst money is retained at Insured’s premises in safe(s) or strong room.
Scope of Cover
It Covers the Below Sections:
- Section I: Covers money in transit under the following heads: Cash, Bank Drafts, Currency Notes, Treasury Notes, Cheques, Postal Orders and current Postage Stamps.
- Section II: Covers money in safe / on premises
Basis of Sum Insured
Two amounts are specified in the policy:
Limits of liability for any one loss (i.e. maximum liability of the Company)
Estimated amount in transit during the year for the purpose of premium computation.
Exclusions
Money Insurance Cover Exclusions:
- Shortage due to error or omission
- Losses due to the fraud/dishonesty of the employee of the insured.
- Losses which are covered by other policies
Claims Process:
- Immediate notification of the loss to be given to Insurer.
- Take all practicable steps to discover the guilty person or persons and to recover the cash lost.
- Immediate intimation to the Police and filing a FIR.
- Submission of claim form giving description of loss and supporting documents.
- Insured shall furnish all explanations, vouchers, proof of ownership and other evidence to substantiate the claim and the Company may, if it deems necessary, require corroborative evidence of the statements of the Insured or any of Insured’s family members or employee/s.
