This Policy indemnifies the insured against loss of business money carried by the Insured or the authorized employees / messengers while in transit as well as Money in business premises kept in locked safe due to robbery, theft, burglary, house breaking or any fortuitous cause. Money means and includes cash, bank drafts, currency notes, treasury notes, cheques, postal orders and current postage stamps. It will also cover money collected by & in the personal custody of the Insured or the authorized employees of the insured whilst in transit to the premises or bank. It will also pay for cost of replacement or repair of safe or strong room at the premises in the event of it being damaged by thieves or burglars.
Ideal for any Individual or business where large sums of money is drawn periodically for their day-to-day transactions.
Scope of cover
This Policy has two Sections
Section I: Money in transit. It covers Money carried by the Insured or the Insured’s authorized employee(s) occasioned by burglary or holdup, robbery, theft or any other fortuitous cause not excluded
Money carried by authorized messengers of the insured while in transit from the time it is taken out till received at the destination is covered.
Section II: Money kept / locked in safe or strong room. It covers risks of by burglary, housebreaking, robbery or hold-up whilst money is retained at the Insured’s premises in safe(s) or a strong room. Money in safe implies money secured in a locked safe or locked strong room on the premises outside business hours and includes money kept in till or counter.
Undisbursed money retained in a burglar-resistant and safe against burglary-risks is covered
Cash retained overnight by the employees in their residences in locked steel cupboard when on collection duty up to 48 hours from the time of collection is also covered.
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 Policy.
Sum insured
Sum insured should represent estimated total annual amount of the money in transit.
Single carrying limit, which is the company's limit of liability for any one loss, is also required to be declared by the Proposer.
Separate sum insured also needs to be given for the maximum amount of money held in safe and in the counter.
Premium
It depends upon Sum Insured Selected under Section I & II.
Riot, strike and terrorism
Infidelity of the employees.
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.
Personal accident Cover: 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, the Company shall pay such employee Rs.25, 000/- per event subject to maximum of Rs.100, 000/- during any one Policy period. This cover shall apply only for the employees between the age group of 18 to 60 years.
Shortage due to error or
Riot, strike, civil commotion unless specifically covered by paying additional Premium.
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 affreigthment