Money Insurance

Money insurance is a cover which indemnifies the insured against loss of money. Money includes current coin, Bank and currency notes,cheques,postal orders, and current postage stamps. 

Covers : 

• loss of money in transit, by the Insured or the Insured's authorized employee(s), occasioned by robbery, theft or any other fortuitous cause.There are four situations where loss is covered.(1) Cover is available for money drawn for the payment of wages,salaries and other earnings or for petty cash in direct transit from the bank to the insured premises.(2) Money other than described in item (1)in the personal custody of the insured or the authorised employees of the insured whilst in direct transit between the premises and the bank or Post Office (3) Money other than described in item (1) and (2) collected by and in the personal custody of the Insured or the authorised employees of the insured whilst in transit to the premises or bank within a period not exceeding 48 hours from the time of collection.
• loss of money in safe, by burglary, housebreaking, robbery or hold-up, provided always that the limit of the Company's liability for any one loss shall in no case exceed the amount specified against any respective section in the said Schedule to the Policy.

Additional Covers: 

• Foreign currency can be specifically declared and covered under the Policy. Claims if any admissible will be settled with reference to the Reserve Bank of India exchange rate prevailing as on the date of the event. 
• In case the money carrying employee is assaulted during burglary or holdup resulting in death / bodily injury / physical separation of a limb or the loss of an eye or causing him to be prevented from engaging in his usual employment,

Exclusion :- 

• Shortage of money due to error or omission,
• loss of money entrusted to any person other than the insured or an authorised employee of the insured (for full details refer to the policy),
• Riot, strike, civil commotion unless specifically agreed for
• Terrorism
• Unexplained losses and mysterious disappearances
• Loss or damage due to flood, cyclone, earthquake and other convulsions of nature, war and war like operations
• Loss or damage arising out of use of key(s) to safe(s) or strong room unless such keys are obtained by force or threat
• Money entrusted to any person other than the Insured or an authorised employee
• Legal liability, consequential loss, theft from an unsecured vehicle and consequential loss
• Money entrusted to a carrier
• Loss due to any act in which the Insured, his/her family member/lemployee is involved as principal or party except dishonesty of cash carrying employee where specifically covered
• Such dishonest activity of cash carrying employee shall be discovered within 48 hours.
• Money carried under contract of affreightment