Cash in Transit Insurance

Highlights

Money Insurance policy provides cover for loss of money in transit between the insured’s premises and bank 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

Section I: Covers money in transit under the following heads: Cash, Bank Drafts, Currency Notes, Treasury Notes, Cheques

Section II: Covers money in safe / on premises

Basis of Sum Insured

Two amounts are specified in the policy:

• Section I – Limits of liability for any one loss (i.e. maximum liability of the Company in any one loss)
• Section II – Limits of liability for anyone &/or all losses during the currency of the policy. (i.e maximum liability of the Company for the year).

Exclusions

1. Shortage due to error or omission
2. Losses due to the fraud/dishonesty of the employee of the insured.
3. Losses which are covered by other policies